Chandigarh: Punjab has achieved an impressive 11.87 percent growth in net Goods and Services Tax (GST) collection up to January this fiscal year compared to 2023-24.

This growth rate surpasses the national average of 10 percent.

Additionally, Punjab has witnessed a net growth of 15.33 percent in excise and a total of 11.67 percent in taxes from net GST, Excise, VAT, CST, and PSDT in the current fiscal year.

With this, Punjab now figures among the top 3 general category states (GCS) in the country that have exceeded the national growth rate in GST collection, informed Finance and Taxation Minister Harpal Singh Cheema here Monday February 3, 2025.

The net GST collection up to January in the current fiscal year stood at Rs 19,414.57 crore, compared to Rs 17,354.26 crore collected during the same period in 2023-24, reflecting a growth of Rs 2,060.31 crore.

The state registered a 9.73 percent growth in net GST during January 2025, with a collection of Rs 2,008.58 crore against Rs 1,830.52 crore collected in January 2024.

As for the revenue growth from Excise, the FM said the state has collected Rs 8,588.31 crore up to January in the current fiscal year, compared to Rs 7,446.46 crore collected during the same period in 2023-24, showing growth of Rs 1,141.85 crore. The Excise growth rate during January 2025 was 15.91 percent, with a collection of Rs 893.04 crore against Rs 770.45 crore collected in January 2024.

The Finance Minister further added that The total collection from net GST, Excise, VAT, CST, and PSDT up to January in the current fiscal year is Rs 34,704.4 crore, with a net growth of Rs 3,625.46 crore when compared to Rs 31,078.94 crore collected during the same period in 2023-24.

The total collection from these taxes in January 2025 reflected a growth of 12.48 percent compared to January 2024, with a total collection of Rs 3,545.09 crore against Rs 3,151.63 crore collected in January 2024, he added.