1 April 2025(Punjab Khabarnama Bureau): Punjab Finance Minister Harpal 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 per cent compared to the previous fiscal year.
He said the state’s total revenue collection from VAT, CST, GST, PSDT and excise during 2024-25 stood at Rs 42,289.97 crore, showcasing a growth rate of 12.47 per cent crossing the Rs 40,000 crore threshold for the first time in the state’s history.
Announcing this in a press communiqué, the Finance Minister attributed the remarkable growth in excise collection to the successful excise policies implemented by the Punjab government. He said the state witnessed a notable rise of Rs 598.72 crore in excise revenue, surpassing the target of Rs 10,145 crore for 2024-25. In March 2025, Punjab achieved a remarkable 30.67 per cent growth rate in excise revenue, collecting Rs 1,477.04 crore, a significant increase from Rs 1,130.37 crore in March 2024. He said this achievement marks the first time the state has crossed the five-digit mark in excise revenue.
Cheema said the state has also witnessed a net annual growth rate of 12.99 per cent 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 per cent growth compared to Rs 1,761.7 crore in March 2024,” said the Finance Minister, 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 per cent.
Cheema attributed these achievements to the transparent excise policies and the enforcement activities of the Excise and Taxation Department which successfully curbed liquor smuggling from neighbouring states. He said the department had 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 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.
Summary: Punjab’s excise revenue hits a record Rs 10,743.72 crore, contributing to overall growth in state collections, says Finance Minister Harpal Cheema.