Punjab Finance Minister Harpal Singh Cheema on Thursday said the state has, for the first time, surpassed the Rs 30,000-crore mark in revenue collection as VAT, CST, GST, PSDT (state development tax), and excise in the first nine months of a fiscal year.

       "In the current fiscal year, the total revenue received from these taxes up to December is Rs 31,156.31 crore, whereas in the fiscal year 2023-24, the total revenue collection from these taxes was Rs 27,927.31 crore," Cheema said in an official statement here.

       Cheema said the state has also witnessed a significant increase in its net GST and excise revenue for December 2024 compared to December 2023.

       The state registered an impressive 28.36 per cent increase in net GST revenue and a 21.31 per cent increase in excise revenue, he added.

       The finance minister further said the revenue collection from net GST alone in December 2024 was Rs 2,013.20 crore -- an increase of Rs 444.84 crore from the net GST collection of Rs 1,568.36 crore in December 2023.

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       Similarly, the revenue from excise in December 2024 stood at Rs 880.92 crore, marking an increase of Rs 154.75 crore from the Rs 726.17 crore collected in December 2023, he added.

       Providing a detailed breakdown of the revenue received from VAT, CST, GST, PSDT, and excise up to December in FY25, Cheema said the state collected Rs 5,643.81 crore from VAT, Rs 274.31 crore from CST, Rs 17,405.99 crore from GST, Rs 139.10 crore from PSDT, and Rs 7,693.1 crore from excise.

       Cheema said, "These figures are indicative of the state's robust economic policies and a testament to the Chief Minister Bhagwant Singh Mann led Punjab government's commitment to achieving fiscal prudence and sustainable growth".

       He added that the consistent increase in revenue collection across various sectors demonstrates the effectiveness of the measures implemented by the excise and taxation department to enhance revenue streams.

       (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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