FY 2024-25; Punjab achieves 11.87 pc growth in GST higher than national average of 10 pc : Harpal Singh Cheema
Punjab Among Top 3 GCSs that exceed GST National Growth Rate
Registers 15.33 pc growth in Excise, 11.67 pc in taxes from GST, Excise, VAT, CST & PSDT
Chandigarh, February 2 (WISHAVWARTA):- Punjab Finance, Planning, Excise and Taxation Minister Advocate Harpal Singh Cheema announced on Sunday that the state has achieved an impressive 11.87 percent growth in net Goods and Services Tax (GST) collection upto January in the current fiscal year, compared to FY 2023-24. This growth rate surpasses the national average of 10 percent. Additionally, Punjab has witnessed a net growth of 15.33 percent in excise and a total of 11.67 percent in taxes from net GST, Excise, VAT, CST, and PSDT in the current fiscal year.
In a press communique issued here, Finance Minister Harpal Singh Cheema revealed that Punjab is among the top 3 general category states (GCS) in the country that have exceeded the national growth rate in GST collection. The net GST collection up to January in the current fiscal year stood at Rs 19,414.57 crore, compared to Rs 17,354.26 crore collected during the same period in FY 2023-24, reflecting a growth of Rs 2,060.31 crore. The state registered a 9.73 percent growth in net GST during January 2025, with a collection of Rs 2,008.58 crore against Rs 1,830.52 crore collected in January 2024.
Providing details of the growth in revenue from Excise, Advocate Harpal Singh Cheema stated that the state has collected Rs 8,588.31 crore up to January in the current fiscal year, compared to Rs 7,446.46 crore collected during the same period in FY 2023-24, resulting in a growth of Rs 1,141.85 crore. The Excise growth rate during January 2025 was 15.91 percent, with a collection of Rs 893.04 crore against Rs 770.45 crore collected in January 2024.
The Finance Minister further added that the total collection from net GST, Excise, VAT, CST, and PSDT up to January in the current fiscal year is Rs 34,704.4 crore, with a net growth of Rs 3,625.46 crore when compared to Rs 31,078.94 crore collected during the same period in FY 2023-24. The total collection from these taxes in January 2025 reflected a growth of 12.48 percent compared to January 2024, with a total collection of Rs 3,545.09 crore against Rs 3,151.63 crore collected in January 2024.
Reiterating the Chief Minister Bhagwant Singh Mann-led Punjab Government’s commitment to making the state self-sufficient by increasing its own tax revenue, Finance Minister Harpal Singh Cheema lauded the initiatives of the Excise and Taxation department in increasing revenue from these taxes without harassing anyone, by simply plugging loopholes and creating a check on tax evaders.
