Punjab Achieves Historic Excise Revenue of Rs 10,743.72 Crore: Finance Minister
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Synopsis
In a significant announcement, Punjab Finance Minister Harpal Singh Cheema revealed that the state has recorded a historic excise revenue of Rs 10,743.72 crore for 2024-25. This achievement reflects an annual growth rate of 16.36%, marking a milestone in the state's financial history.
Key Takeaways
- Punjab's excise revenue reaches Rs 10,743.72 crore.
- Annual growth rate of 16.36% compared to the previous fiscal year.
- Total revenue collection exceeds Rs 40,000 crore for the first time.
- Notable excise revenue increase of Rs 598.72 crore.
- Success attributed to transparent government policies.
Chandigarh, April 1 (NationPress) The Finance Minister of Punjab, Harpal Singh Cheema, announced on Tuesday that the Excise and Taxation Department of the state has achieved a remarkable excise revenue of Rs 10,743.72 crore for the fiscal year 2024-25, reflecting an impressive annual growth rate of 16.36% compared to the prior fiscal year.
The total revenue collection for Punjab in 2024-25 reached Rs 42,289.97 crore, indicating a growth rate of 12.47%, marking the first time the state surpassed the Rs 40,000 crore milestone in its history.
Cheema credited the outstanding growth in excise revenue to the effective policies of the government. The state experienced a significant increase of Rs 598.72 crore in excise collections, exceeding the target of Rs 10,145 crore set for 2024-25.
In March, Punjab achieved a remarkable 30.67% growth rate in excise collections, totaling Rs 1,477.04 crore, a significant rise from Rs 1,130.37 crore in March 2024.
This accomplishment marks the first occasion the state has crossed the five-digit threshold in excise revenue.
Cheema informed the media that the state has also recorded a net annual growth rate of 12.99% in Goods and Services Tax (GST) collections, achieving a net annual total of Rs 23,642.15 crore, compared to Rs 20,923.37 crore in the previous fiscal year.
“In March 2025, the state noted a net GST collection of Rs 1,913.82 crore, showing an 8.63% growth compared to Rs 1,761.70 crore in March 2024,” stated the Finance Minister. Furthermore, Punjab achieved an annual collection of Rs 7,353.32 crore from Value Added Tax (VAT), increasing from Rs 6,975.3 crore in the last fiscal year, which reflects a growth rate of 5.42%.
Cheema attributed these successes to the transparent excise policies enforced by the government and the effective operations of the Excise and Taxation Department, which has successfully curtailed liquor smuggling from adjacent states.
The department has also boosted GST revenue by encouraging tax compliance through initiatives like the “Bill Liayo Inam Pao” scheme, along with employing technological solutions, strengthening the Tax Intelligence Unit, and enhancing enforcement activities.
