In a robust financial performance for the state, Punjab has registered a noteworthy increase in revenue for Goods and Services Tax (GST) and Excise during the current fiscal year. The state’s net GST collection, up to December in 2023-24, has surged by 16.52 percent, reaching Rs 15,523.74 crore, compared to Rs 13,322.59 crore during the same period in 2022-23 financial.
 
Sharing the information, the state Finance, Planning, Excise, and Taxation Minister Harpal Singh Cheema detailed the growth in excise revenue, indicating a 10.4 percent increase. The revenue from Excise reached Rs 6,679.84 crore — a significant rise from Rs 6,050.7 crore in the corresponding period in 2022-23, showcasing an increase of Rs 629.14 crore.
 
Providing insights into the state’s own tax revenue, Cheema highlighted a cumulative growth rate of 14.15 percent in total revenue from VAT, CST, GST, PSDT, and Excise during the first nine months of the current fiscal year in comparison to FY 2022-23.
 
Specifically, VAT, CST, and PSDT contributed to the growth rate with 12 per cent, 26.8 per cent, and 5.24 per cent, respectively. The state’s total own tax revenue during this period amounted to Rs 27,931.16 crore, showcasing a substantial increase from Rs 24,468.14 crore in the same period in 2022.
 
Reiterating the State Government’s commitment to drive the state towards higher growth and prosperity, Cheema highlighted the successful reforms adopted in 2022-23 and expressed the Government's dedication to implementing further reforms in 2023-24. The aim is to sustain the growth momentum, support honest taxpayers, and crack down on tax evaders and illegal liquor trade.
 
The Minister emphasized the government's proactive approach in adopting measures to maintain the growth trajectory and fostering a conducive environment for economic prosperity in the state.