Punjab's Financial Leap: Record-Breaking Revenue Collection

Punjab's revenue collection has surpassed Rs 30,000 crore for the first time in a fiscal year, marking a significant increase in taxes such as VAT, CST, GST, PSDT, and excise. The state reported increased net GST and excise revenues, attributed to effective economic policies and government commitment.

Punjab has achieved a milestone in its financial history, reaching over Rs 30,000 crore in revenue collection in a single fiscal year. The state collected Rs 31,156.31 crore in the first nine months through various taxes, surpassing the previous fiscal year's Rs 27,927.31 crore.

Finance Minister Harpal Singh Cheema highlighted notable growth in net GST and excise revenues for December 2024, with a 28.36% increase in GST and a 21.31% rise in excise revenue compared to December 2023. This boost is indicative of Punjab's strong economic strategies.

Cheema attributed these successes to the Chief Minister Bhagwant Singh Mann's administration, crediting their robust economic policies and the efforts of the excise and taxation department for enhanced revenue inflow, signaling sustainable growth and fiscal prudence.

(With inputs from agencies.)