Punjab’s GST Growth Hits 62.93%

CM Bhagwant Singh Mann Drives Punjab’s GST Growth to 62.93% in November

Tax Revenue Surge – Boosting Compliance and Transparency

Punjab has witnessed a remarkable surge in its tax revenue collections, with net GST receipts for November 2024 increasing by 62.93% compared to the same month last year, according to Finance, Planning, Excise, and Taxation Minister Advocate Harpal Singh Cheema. This outstanding growth highlights the Punjab Government’s commitment to enhancing tax compliance and enforcement under the leadership of Chief Minister Bhagwant Singh Mann.

The net GST collection for November 2024 reached ₹2,477.37 crore, marking an increase of ₹956.82 crore from ₹1,520.55 crore in November 2023. Cumulatively, up to November 2024, net GST collections amounted to ₹15,392.79 crore, a 10.30% rise from ₹13,955.38 crore collected during the same period last year, with an increase of ₹1,437.41 crore.

Additionally, total collections from GST, Excise, VAT, CST, and PSDT for November 2024 stood at ₹4,004.96 crore, compared to ₹3,026.86 crore in November 2023. For the year up to November 2024, total tax collections have reached ₹27,481.57 crore, an increase of ₹2,509.09 crore over ₹24,972.48 crore in the same period last year.

Excise Revenue Also Shows Strong Growth

Excise revenue also saw a positive trend, with November 2024 collections rising by 6.42%, and a notable 13.17% increase in the year-to-date collections. The Excise revenue for November 2024 was ₹795.37 crore, up from ₹747.37 crore in November 2023. Cumulatively, for the financial year up to November 2024, Excise collections reached ₹6,733.47 crore, marking an increase of ₹783.63 crore compared to ₹5,949.84 crore in the previous year.

Minister Cheema attributed this growth in revenue to the Punjab Government’s innovative initiatives, particularly the popular “Bill Liyao, Inaam Paao” scheme, which has been highly successful in promoting tax compliance across the state.

“Bill Liyao, Inaam Paao” Scheme Boosts Transparency

The “Bill Liyao, Inaam Paao” scheme encourages consumers to ask for bills during purchases and upload them to the ‘Mera Bill’ app for a chance to win cash prizes of up to ₹1 lakh in a monthly draw. The initiative has proven effective in fostering transparency and accountability, driving increased public participation and reducing tax evasion.

As of now, 97,443 bills have been uploaded to the app, with 2,601 winners receiving a total of ₹1,516,233 in cash prizes. Additionally, 709 winners are yet to claim ₹413,945 in rewards. This growing engagement reflects the scheme’s success in strengthening tax compliance throughout Punjab.

To further combat tax fraud, the Punjab Government has imposed fines totaling ₹7,927,741, with ₹6,169,869 already recovered.

Punjab on Track for Financial Prosperity

Minister Cheema expressed confidence that the consistent growth in GST, Excise, and overall tax revenues will contribute to building a financially robust and transparent Punjab. Through initiatives like “Bill Liyao, Inaam Paao” and enhanced enforcement mechanisms, the Mann Government is focused on promoting economic growth, fostering fairness in tax practices, and ensuring a strong financial future for the state. Looking ahead, the Punjab Government expects continued growth, driven by these forward-thinking policies and effective governance.