Excise revenue jumped by 16% last fiscal: Cheema

Cheema said that during the financial year 2024-25, the total revenue of the state from VAT, CST, GST, PSDT and Excise crossed the limit of ₹40,000 crore for the first time in the history of the state. The state mopped up ₹42,289.97 crore at a growth rate of 12.47%.

Punjab finance minister Harpal Singh Cheema on Tuesday announced that the state excise and taxation department has achieved an annual growth rate of 16.36% over the previous financial year by achieving excise revenue of ₹10,743.72 crore for the financial year 2024-25.

Punjab finance minister Harpal Singh Cheema on Tuesday announced that the state excise and taxation department has achieved an annual growth rate of 16.36% over the previous financial year by achieving excise revenue of ₹10,743.72 crore for the financial year 2024-25. (HT File)

He said that during the financial year 2024-25, the total revenue of the state from VAT, CST, GST, PSDT and Excise crossed the limit of ₹40,000 crore for the first time in the history of the state. The state mopped up ₹42,289.97 crore at a growth rate of 12.47%.

Disclosing this in a press statement, Cheema said the state collected ₹598.72 crore more in excise revenue helping in surpassing the target of ₹10,145 crore set for the 2024-25 fiscal.

In March 2025, Punjab achieved an impressive growth rate of 30.67% in excise revenue, generating ₹1,477.04 crore, a significant increase from ₹1,130.37 crore received in March 2024. He said this was the first time that the state had crossed the five-digit mark in excise revenue.

The FM further disclosed that the state has also seen a net annual growth rate of 12.99% in goods and services tax (GST) collections, a net annual receipt of ₹23,642.15 crore as compared to ₹20,923.37 crore in the previous financial year. The finance minister said the state recorded a net GST receipt of ₹1,913.82 crore in March 2025, registering an increase of 8.63% over ₹1,761.70 crore in March 2024.

The state has also registered an annual receipt of ₹7,353.32 crore in VAT during the current financial year as against ₹6,975.3 crore in the previous fiscal, he added.

He said that the department has increased GST revenue through initiatives like “Bring Bill, Reward Pay” scheme and by promoting tax compliance by leveraging tax intelligence units on technological solutions.