Chandigarh, Feb 02, 2025, IANS

Chandigarh, Feb 2 (IANS) Punjab Finance Minister Harpal Singh Cheema said on Sunday that the state has achieved an 11.87 per cent growth in net GST collection till January in this fiscal, compared to the previous one. This growth rate surpasses the national average of 10 per cent. Additionally, Punjab has witnessed a net growth of 15.33 per cent in excise and 11.67 per cent in taxes from net GST, excise, VAT, Central Sales Tax (CST), and Punjab State Development Tax (PSDT) in the current fiscal year. In a statement here, Minister Cheema said that Punjab is among the top three general category states in the country that have exceeded the national growth rate in GST collection. The net GST collection up to January in this fiscal year stood at Rs 19,414.57 crore, compared to Rs 17,354.26 crore in FY 2023-24, reflecting a growth of Rs 2,060.31 crore. The state registered a 9.73 per cent growth in net GST during January 2025, with a collection of Rs 2,008.58 crore against Rs 1,830.52 crore collected in January 2024. Providing details of the growth in revenue from excise, Minister Cheema said the state has collected Rs 8,588.31 crore up to January in the current fiscal year, compared to Rs 7,446.46 crore collected during the same period in FY 2023-24, resulting in a growth of Rs 1,141.85 crore. The excise growth rate during January 2025 was 15.91 per cent, with a collection of Rs 893.04 crore against Rs 770.45 crore collected in January last year. The Finance Minister added that the total collection from net GST, excise, VAT, CST, and PSDT up to January in the current fiscal year is Rs 34,704.4 crore, with a net growth of Rs 3,625.46 crore when compared to Rs 31,078.94 crore collected during this period in FY 2023-24. The total collection from these taxes in January 2025 reflected a growth of 12.48 per cent compared to January 2024, with a total collection of Rs 3,545.09 crore against Rs 3,151.63 crore collected in January 2024. Reiterating the government's commitment to making the state self-sufficient by increasing its own tax revenue, Finance Minister Cheema lauded the initiatives of the Excise and Taxation Department in increasing revenue from these taxes without harassing anyone, by simply plugging loopholes and creating a check on tax evaders.