Punjab registers 63% jump in net GST collection: Harpal Singh Cheema
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, Punjab finance, planning, excise and taxation minister Harpal Singh Cheema said, adding that the total net GST collection up to November this fiscal is ₹15,392.79 crore, compared to ₹13,955.38 crore during the same period last fiscal, reflecting an increase of ₹1,437.41 crore.
Punjab finance, planning, excise and taxation minister Harpal Singh Cheema said on Sunday that the state witnessed 62.93% growth in net GST (goods and services tax) collection during November 2024 compared to the corresponding period last year.
Additionally, the total net GST collection up to November this financial year reflects an increase of 10.3% compared to the same period last fiscal, said Cheema in a statement.
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, the minister said, adding that the total net GST collection up to November this fiscal is ₹15,392.79 crore, compared to ₹13,955.38 crore during the same period last fiscal, reflecting an increase of ₹1,437.41 crore.
The minister said the total net collection from VAT (value-added tax), CST (central sales tax), GST, PSDT (Punjab state development tax), 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.
Cheema also announced a significant increase in excise revenue, with a 6.42% growth in November 2024 and 13.17% increase up 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.
