Punjab Achieves Historic Milestone in Revenue Collection by Crossing Rs 30,000 Crore Revenue Mark in First Three Quarters of FY 2024-25: Harpal Singh Cheema
Total collection from VAT, CST, GST, PSDT, and Excise Registers increase of Rs 3229 crore upto December 2024
State Witness 28.36% Increase in Net GST and 21.31% Increase in Excise Revenue in December 2024
20.19% Increase in Total Revenue Collection from VAT, CST, GST, PSDT, and Excise
Chandigarh, January 2 (WISHAVWARTA):- Punjab Finance, Planning, Excise, and Taxation Minister Advocate Harpal Singh Cheema proudly announced on Tuesday that the state has, for the first time, surpassed the Rs. 30,000 crore mark in revenue collection from VAT, CST, GST, PSDT, and Excise within the first nine months of a fiscal year. In the current fiscal year, the total revenue received from these taxes up to December is Rs 31156.31 crore, whereas in the fiscal year 2023-24, the total revenue collection from these taxes was Rs 27927.31 crore.
Revealing this in a press communiqué issued here, Finance Minister Harpal Singh Cheema said that the state has also witnessed a significant increase in its net GST and Excise revenue for December 2024 compared to December 2023. The state registered an impressive 28.36 percent increase in net GST revenue and a 21.31 percent increase in Excise revenue, he added.
The Finance Minister further elaborated that the revenue collection from net GST alone in December 2024 was Rs 2013.20 crore, which is an increase of Rs 444.84 crore from the net GST collection of Rs 1568.36 crore in December 2023. Similarly, the revenue from excise in December 2024 stood at Rs 880.92 crore, marking an increase of Rs 154.75 crore from the Rs 726.17 crore collected in December 2023, he added..
Providing a detailed breakdown of the revenue received from VAT, CST, GST, PSDT, and Excise up to December in the financial year 2024-25, Finance Minister Harpal Singh Cheema informed that the state collected Rs 5643.81 crore from VAT, Rs 274.31 crore from CST, Rs 17405.99 crore from GST, Rs 139.10 crore from PSDT, and Rs 7693.1 crore from Excise. This is in comparison to the previous financial year 2023-24, where Rs 5385.24 crore was received from VAT, Rs 220.72 crore from CST, Rs 15523.74 crore from GST, Rs 121.6 crore from PSDT, and Rs 6676.01 crore from Excise. He said that the total collection from VAT, CST, GST, PSDT, and Excise registered an increase of Rs 3229 crore upto December 2024 as compared to FY 2023-24
Finance Minister Harpal Singh Cheema said that these figures are indicative of the state’s robust economic policies and a testament to the Chief Minister Bhagwant Singh Mann led Punjab Government’s commitment to achieving fiscal prudence and sustainable growth. He said that the consistent increase in revenue collection across various sectors demonstrates the effectiveness of the measures implemented by the Excise and Taxation Department to enhance revenue streams.
