Chandigarh, March 3 (NationPress) Punjab's Finance Minister Harpal Cheema announced on Tuesday that the state has ranked among the top three in revenue growth, highlighting that the fiscal improvements over the last four years are a result of structural reforms, fiscal discipline, and administrative transparency.

Cheema shared comprehensive data with the press, labeling it as a significant rebound in the state's financial status.

“Punjab's own tax revenue has dramatically increased from Rs 37,327 crore, which comprised 6.39% of the Gross State Domestic Product in 2021-22, to a remarkable Rs 57,919 crore, now accounting for 7.15% of the Gross State Domestic Product in 2024-25,” he stated.

Discussing excise collections, the Excise and Taxation Minister noted an 86.77% rise in excise revenue over the past four years.

“During the five-year term of the SAD-BJP administration, total excise revenue was Rs 20,545 crore with an average of Rs 4,109 crore annually. The following Congress government collected Rs 27,395 crore over five years, averaging Rs 5,479 crore annually. In sharp contrast, the AAP government has already achieved Rs 37,975 crore by January 2026, reaching an impressive annual average of Rs 9,907 crore.”

Furthermore, he indicated that the excise revenue during 2021-22 under the Congress administration was Rs 6,157 crore, with expectations to hit Rs 11,500 crore in 2025-26.

As a percentage of the state's Gross State Domestic Product, excise revenue climbed from 1.05% in 2021-22 to 1.28% in 2024-25.

Emphasizing the performance under the Goods and Services Tax (GST) regime, Minister Cheema reported similar success in GST collections.

“The prior Congress administration relied on GST compensation without making significant efforts to expand the tax base. Their total over five years amounted to Rs 61,286 crore, averaging Rs 12,257 crore annually.”

He added that the AAP government has collected Rs 83,739 crore by January 2026, raising the annual average to Rs 21,845 crore.

“The state GST revenue, which was Rs 15,542 crore in 2021-22, is expected to exceed Rs 26,500 crore in 2025-26. Despite the adjustments under GST 2.0, the state has achieved a 70.50% growth in GST revenue.”

Shifting focus to land and property registrations, he noted a historic rise in stamp duty revenue.

“During the Congress administration from 2017-22, stamp duty collections saw an increase of less than one percent compared to the previous Akali Dal government from 2012-17. The SAD-BJP administration collected Rs 12,387 crore, averaging Rs 2,477 crore annually, while the Congress managed slightly more at Rs 12,469 crore, averaging Rs 2,494 crore annually,” he concluded.