North News
Chandigarh, January 2
Punjab Finance Minister Harpal Singh Cheema announced on Tuesday that the state has surpassed the Rs. 30,000 crore mark in revenue collection from VAT, CST, GST, PSDT, and Excise taxes in the first nine months of the current fiscal year. The total revenue collected as of December 2024 stands at Rs. 31,156.31 crore, up from Rs. 27,927.31 crore in the same period last year. The state also reported significant year-over-year increases in net GST and Excise revenue for December. Net GST revenue grew by 28.36%, reaching Rs. 2,013.20 crore in December 2024, up from Rs. 1,568.36 crore in December 2023. Excise revenue increased by 21.31%, amounting to Rs. 880.92 crore in December 2024, compared to Rs. 726.17 crore in December 2023.
Detailed figures for the revenue collected from VAT, CST, GST, PSDT, and Excise up to December 2024 show VAT revenue of Rs. 5,643.81 crore, CST at Rs. 274.31 crore, GST at Rs. 17,405.99 crore, PSDT at Rs. 139.10 crore, and Excise at Rs. 7,693.10 crore. In comparison, the state collected Rs. 5,385.24 crore from VAT, Rs. 220.72 crore from CST, Rs. 15,523.74 crore from GST, Rs. 121.60 crore from PSDT, and Rs. 6,676.01 crore from Excise in FY 2023-24.
Minister Cheema credited the state’s fiscal progress to robust economic policies and the effective measures implemented by the Excise and Taxation Department, highlighting the Punjab Government’s commitment to sustainable growth under Chief Minister Bhagwant Singh Mann.
