Registers a growth of 10.30 percent in net GST upto November as compared to FY 2023-24
Excise also gained impressive growth of 13.17 percent upto the November 2024
Net Collection from GST, Excise, VAT, CST and PSDT upto November reflects 10.05 percent growth
Chandigarh, December 1
Punjab Finance, Planning, Excise and Taxation Minister Advocate Harpal Singh Cheema announced on Sunday that the state has witnessed an impressive growth rate of 62.93 percent in net GST collection during November 2024 compared to November 2023. Additionally, the total net GST collection up to November this financial year reflects an increase of 10.30 percent compared to the same period of the financial year 2023-24.
Disclosing this in a press communique, Finance Minister Harpal Singh Cheema revealed that the net GST collection for November this year amounted to ₹2,477.37 crore, up from ₹1,520.55 crore in November 2023, marking an increase of ₹956.82 crore. He further said that the total net GST collection up to November in this financial year is ₹15,392.79 crore, compared to ₹13,955.88 crore during the same period of FY 2023-24, reflecting an increase of ₹1,437.41 crore.
Elaborating further, Minister Cheema highlighted that the total net collection from VAT, CST, GST, PSDT, and Excise in November this year is ₹4,004.96 crore, while it was ₹3,026.86 crore in November 2023. The net collection up to November has increased by ₹2,509.09 crore, with the total amounting to ₹27,481.57 crore in FY 2024-25, compared to ₹24,972.48 crore in FY 2023-24.
Minister Cheema also announced a significant increase in Excise revenue, with a 6.42 percent growth in November 2024 and an impressive 13.17 percent increase up to the month of November. The total Excise collection for November this year is ₹795.37 crore, compared to ₹747.37 crore in November 2023. The state has earned ₹783.63 crore more in this financial year, with total Excise revenue up to November amounting to ₹6,733.47 crore, compared to ₹5,949.84 crore during the same period of FY 2023-24.
Finance Minister Harpal Singh Cheema credited the growth in GST and Excise collections to the Chief Minister Bhagwant Singh Mann led Punjab Government’s efforts to improve tax compliance and enforcement. He expressed confidence that the state will continue witnessing significant tax collection growth in the coming months.
