Punjab Finance, Planning, Excise and Taxation Minister Advocate Harpal Singh Cheema said on Sunday that the state has witnessed an impressive growth rate of 62.93 per cent in net GST collection during November 2024 as compared to November 2023.
Additionally, the total net GST collection up to November this financial year reflects an increase of 10.30 per cent compared to the same period of the financial year 2023-24.
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Disclosing this in a press communique, Finance Minister Cheema said that the net GST collection for November this year amounted to Rs 2,477.37 crore, up from Rs 1,520.55 crore in November 2023, marking an increase of Rs 956.82 crore.
He further said that the total net GST collection up to November in this financial year is Rs 15,392.79 crore, as compared to Rs 13,955.38 crore during the same period of FY 2023-24, reflecting an increase of Rs 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 Rs 4,004.96 crore, while it was Rs 3,026.86 crore in November 2023.
The net collection up to November has increased by Rs 2,509.09 crore, with the total amounting to Rs 27,481.57 crore in FY 2024-25, as compared to Rs 24,972.48 crore in FY 2023-24.
Minister Cheema also announced a significant increase in Excise revenue, with a 6.42 per cent growth in November 2024 and an impressive 13.17 per cent increase up to the month of November.
The total Excise collection for November this year is Rs 795.37 crore, as compared to Rs 747.37 crore in November 2023. The state has earned Rs 783.63 crore more in this financial year, with total excise revenue up to November amounting to Rs 6,733.47 crore, as compared to Rs 5,949.84 crore during the same period of FY 2023-24.
The Finance Minister credited the growth in GST and excise collections to Chief Minister Bhagwant 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.
