Punjab has registered a growth of 11.87% in net Goods and Services Tax (GST) collection in the current financial year till January as compared to FY 2023-24. Which is more than the national average rate of 10%.
Apart from this, Punjab has registered a growth of 15.33% in excise and a net growth of 11.67% in total revenue received from net GST, excise, VAT, CST and PSDT taxes in the current financial year.
Revenue of Rs 2008.58 crore achieved
Punjab Finance Minister Harpal Singh Cheema said that Punjab is among the 3 major General Category States (GCS) of the country which have crossed the national growth rate in GST collection. Net GST collection till January in the current financial year stood at Rs 19,414.57 crore, while Rs 17354.26 crore was collected during the same period of FY 2023-24.
Which shows an increase of Rs 2060.31 crore. The state registered a growth of 9.73% in net GST during January 2025, earning a revenue of Rs 2008.58 crore as compared to Rs 1830.52 crore collected in January 2024. The situation started improving from the current financial year. In the current financial year, till January, Rs 8588.31 crore has been collected,
while in the financial year 2023-24, Rs 7446.46 crore was collected during the same period, registering an increase of Rs 1141.85 crore. The excise growth rate in January 2025 was 15.91%, due to which a revenue of Rs 893.04 crore was obtained in January 2025 as compared to Rs 770.45 crore received in January 2024.
12.48% growth achieved as compared to January 2024
The Finance Minister informed that the total revenue received from net GST, Excise, VAT, CST and PSDT till January in the current financial year is Rs 34,704.4 crore, whereas during the same period in the financial year 2023-24, a revenue of Rs 31,078.94 crore was received, which has resulted in a net increase of Rs 3,625.46 crore.
The total receipts from these taxes in January 2025 registered an increase of 12.48% as compared to January 2024, which resulted in a total tax revenue of Rs 3,545.09 crore in January 2025 as compared to Rs 3,151.63 crore received in January 2024.
