Chandigarh- Punjab Finance, Planning, Excise, and Taxation Minister Advocate Harpal Singh Cheema on Tuesday announced that the state's Excise and Taxation Department has reported a record-breaking Excise revenue of Rs 10, 743.72 crore for the financial year 2024-25, marking an impressive annual growth rate of 16.36 percent compared to the previous fiscal year. He said that the state’s total revenue collection from VAT, CST, GST, PSDT, and Excise during FY 2024-25 stood at Rs 42289.97 crore, showcasing a growth rate of 12.47 percent crossing the Rs 40, 000 crore threshold for the first time in the state's history.
Disclosing this in In a press communiqué issued here, Finance Minister Harpal Singh Cheema attributed the remarkable growth in Excise collection to the successful excise policies implemented by the Chief Minister Bhagwant Singh Mann-led Punjab Government. He said that the state witnessed a notable rise of Rs 598.72 crore in Excise revenue, surpassing the target of Rs 10145 crore for FY 2024-25. In March 2025, Punjab achieved a remarkable 30.67 percent growth rate in Excise revenue, collecting Rs 1477.04 crore, a significant increase from Rs 1130.37 crore in March 2024. He said that this achievement marks the first time the state has crossed the five-digit mark in Excise revenue.
Finance Minister Harpal Singh Cheema further revealed that the state has also witnessed a net annual growth rate of 12.99 percent in Goods and Services Tax (GST) collections, with a net annual collection of Rs 23, 642.15 crore compared to Rs 20, 923.37 crore in the previous fiscal year. “In March 2025, the state recorded a net GST collection of Rs 1, 913.82 crore, reflecting an 8.63 percent growth compared to Rs 1, 761.70 crore in March 2024”, said the Finance Minister while adding that Punjab has also achieved an annual collection of Rs 7, 353.32 crore from Value Added Tax (VAT), up from Rs 6, 975.3 crore in the previous fiscal year, registering a growth rate of 5.42 percent.
Finance Minister Cheema attributed these achievements to the transparent excise policies implemented by the Chief Minister Bhagwant Singh Mann led Punjab Government, and the enforcement activities of the Excise and Taxation Department which successfully curbed liquor smuggling from neighboring states. He said that the department has also enhanced GST revenue by promoting tax compliance through initiatives such as the "Bill Liayo Inam Pao" scheme and by leveraging technological solutions, the Tax Intelligence Unit, and strengthened enforcement activities. He said that the department has adopted a two-pronged strategy, which encompasses providing unwavering support to honest taxpayers while simultaneously cracking down on tax evaders, thereby ensuring a fair and transparent taxation system.
The Finance Minister emphasized that these efforts to boost the state's tax revenue have enabled the Chief Minister Bhagwant Singh Mann-led Punjab Government to present a historic "Badlda Punjab" budget, aimed at ushering in an era of economic and social development for the state. He said that the state government would continue to opt for new initiatives to further improve the tax revenue without imposing any new tax burden on the people of the state.