Punjab has recorded a remarkable 11.87 percent growth in Goods and Services Tax (GST) collections for the financial year 2024-25, outpacing the national average of 10 percent. This achievement positions Punjab among the top three general category states (GCS) in the country to exceed the national growth rate, signaling a significant step toward fiscal self-sufficiency.
The state’s Finance, Planning, Excise, and Taxation Minister Harpal Singh Cheema on Sunday unveiled the impressive growth figures, highlighting the state’s fiscal achievements. Up to January 2025, Punjab’s net GST collection stood at Rs 19,414.57 crore, compared to Rs 17,354.26 crore during the same period last year. This represents an increase of Rs 2,060.31 crore, reflecting an overall growth of 11.87 percent.
Notably, the state’s GST collection in January 2025 grew by 9.73 percent, with a total of Rs 2,008.58 crore collected, compared to Rs 1,830.52 crore in January 2024.
In addition to GST, Punjab also saw a significant uptick in excise revenue. The state registered a 15.33 percent growth in excise, with total collections of Rs 8,588.31 crore by January 2025, up from Rs 7,446.46 crore in the same period last year, marking an increase of Rs 1,141.85 crore. The excise revenue for January 2025 alone saw a robust 15.91 percent growth, with collections of Rs 893.04 crore, compared to Rs 770.45 crore in January 2024.
Combining all tax revenues from GST, excise, VAT, CST, and PSDT, Punjab’s total tax collection reached Rs 34,704.4 crore by January 2025, reflecting a net growth of Rs 3,625.46 crore from the Rs 31,078.94 crore collected during the same period last year. The total collection in January 2025 alone grew by 12.48 percent, with a total of Rs 3,545.09 crore, compared to Rs 3,151.63 crore in January 2024.
Cheema attributed this growth to the Punjab Government’s focused efforts under the leadership of Chief Minister Bhagwant Mann. The state has been working diligently to enhance its own tax revenue, reducing dependency on external sources. Emphasizing transparency and efficiency, Cheema praised the initiatives of the Excise and Taxation Department for plugging revenue loopholes and cracking down on tax evaders without resorting to undue harassment.
He reiterated the State Government’s commitment to making Punjab financially self-sufficient by maximizing its internal resources. The growth in GST and excise revenue is seen as a crucial step in achieving this goal and reinforcing Punjab’s economic resilience in the face of national challenges.
