Punjab Records 11.87% Growth in GST Collection, States Minister Cheema
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Synopsis
Punjab's Finance Minister Harpal Singh Cheema reported an 11.87% growth in net GST collection up to January this fiscal, outpacing the national average. The state also noted significant increases in excise and overall tax revenues, highlighting efforts to enhance self-sufficiency and curb tax evasion.
Key Takeaways
- Punjab achieved 11.87% growth in net GST collection.
- Growth surpasses the national average of 10%.
- Excise revenue increased by 15.33%.
- Net GST collection reached Rs 19,414.57 crore.
- Overall tax revenues totaled Rs 34,704.4 crore.
Chandigarh, Feb 2 (NationPress) Punjab's Finance Minister Harpal Singh Cheema announced on Sunday that the state has recorded an impressive 11.87 percent growth in net GST collection up to January this fiscal year, compared to the previous year.
This remarkable growth rate exceeds the national average of 10 percent.
Moreover, Punjab has also experienced a net growth of 15.33 percent in excise and 11.67 percent in revenues from net GST, excise, VAT, Central Sales Tax (CST), and Punjab State Development Tax (PSDT) during the current fiscal year.
In his statement, Minister Cheema highlighted that Punjab ranks among the top three general category states in India that have surpassed the national growth rate in GST collection.
The net GST collection until January for this fiscal year reached Rs 19,414.57 crore, as opposed to Rs 17,354.26 crore in FY 2023-24, marking an increase of Rs 2,060.31 crore.
For January 2025, the state witnessed a 9.73 percent growth in net GST, with a collection of Rs 2,008.58 crore compared to Rs 1,830.52 crore collected in January 2024.
Detailing the revenue growth from excise, Minister Cheema reported that the state collected Rs 8,588.31 crore up to January this fiscal year, a rise from Rs 7,446.46 crore during the same period in FY 2023-24, resulting in an increase of Rs 1,141.85 crore.
The growth rate for excise in January 2025 was 15.91 percent, with a collection of Rs 893.04 crore against Rs 770.45 crore collected in January of the previous year.
The Finance Minister further stated that the total collection from net GST, excise, VAT, CST, and PSDT until January in the current fiscal year amounts to Rs 34,704.4 crore, with a net growth of Rs 3,625.46 crore compared to Rs 31,078.94 crore collected during this period in FY 2023-24.
For January 2025, the total collection from these taxes demonstrated a growth of 12.48 percent compared to January 2024, totaling Rs 3,545.09 crore against Rs 3,151.63 crore collected in January 2024.
Reaffirming the government's dedication to making the state self-sufficient through enhanced tax revenue, Finance Minister Cheema praised the Excise and Taxation Department's efforts in boosting revenue from these taxes without creating undue pressure on citizens, by effectively addressing loopholes and monitoring tax evaders.
