Punjab records 21.51 pc increase in net GST collections till Oct

Chandigarh, Nov 2 (IANS) In a display of fiscal resilience and administrative efficiency, Punjab has recorded a 21.51 per cent increase in the net Goods and Services Tax (GST) collections up till October, alongside a 14.46 per cent growth in October alone. 
 

State Finance Minister Harpal Singh Cheema, on Sunday, lauded the state's performance despite widespread floods and the recent rationalisation of tax rates under GST 2.0.

Giving the details of the growth, he said that the state collected Rs 15,683.59 crore in net GST from April to October, compared to Rs 12,907.31 crore during the same period in the previous fiscal year (FY), with a gain of Rs 2,776 crore.

By contrast, the growth rate up to October 2024 in 2024-25 was a modest 3.8 per cent, he added.

The Finance Minister said the state's net GST collection for October stood at Rs 2,359.16 crore, marking a significant rise from Rs 2,061.23 crore in October 2024, registering Rs 298 crore increase that reflects the state's continued economic momentum.

He emphasised that this achievement comes in the wake of GST 2.0 reforms implemented in September, which lowered several tax slabs.

"Despite these reduction in tax slab and facing severe floods, Punjab's GST revenue surged, underscoring the success of enhanced compliance, anti-evasion initiatives, and digital monitoring mechanisms. The state's 21.5 per cent growth far exceeds the national average of seven per cent, placing Punjab among the top performers in northern India," Minister Cheema said in a statement.

He added that post-settlement figures of State GST and Integrated GST further affirm Punjab's fiscal strength, with cumulative receipts growth up to October, surpassing all neighbouring states, except Haryana.

This performance, the Minister said, reflected the resilience of Punjab's trade and industry, especially given that nearly half of the state's districts were flood-affected during this period.

Minister Cheema attributed the results to the Excise and Taxation Department's strategic focus on data analytics, digital integration, and rigorous field enforcement.

--IANS

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