Punjab finance minister Harpal Singh Cheema on Thursday said that the state has, for the first time, surpassed the ₹30,000-crore mark in revenue collection as VAT, CST, GST, PSDT (state development tax), and excise in the first nine months of a fiscal year.
“In the current fiscal year, the total revenue received from these taxes up to December is ₹31,156.31 crore, whereas in the fiscal year 2023-24, the total revenue collection from these taxes was ₹27,927.31 crore,” Cheema said.
The minister 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 also registered an impressive 28.36% increase in net GST revenue and a 21.31% increase in excise revenue,” he added.
The finance minister further said that the revenue collection from net GST alone in December 2024 was ₹2,013.20 crore -- an increase of ₹444.84 crore from the net GST collection of ₹1,568.36 crore in December 2023.
Similarly, the revenue from excise in December 2024 stood at ₹880.92 crore, marking an increase of ₹154.75 crore from the ₹726.17 crore collected in December 2023, the minister said.
{{/usCountry}}Similarly, the revenue from excise in December 2024 stood at ₹880.92 crore, marking an increase of ₹154.75 crore from the ₹726.17 crore collected in December 2023, the minister said.
{{/usCountry}}Providing a detailed breakdown of the revenue received from VAT, CST, GST, PSDT, and excise up to December in FY25, Cheema said the state collected ₹5,643.81 crore from VAT, ₹274.31 crore from CST, ₹17,405.99 crore from GST, ₹139.10 crore from PSDT, and ₹7,693.1 crore from excise.
“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,” the minister said.