The state witnessed a 62.93% growth in net GST (goods and services tax) collection during November 2024 compared to the related period last year, Punjab Finance, planning, excise, and taxation minister Harpal Singh Cheema mentioned.
Cheema in a statement cited that the total net GST collection up to November this fiscal year shows an increase of 10.3% compared to the same period last fiscal.
For November this year, the net GST collection stands at Rs 2,477.37 crore, up from ₹1,520.55 crore in November 2023, marking a rise of ₹956.82 crore, it was cited under Punjab Finance, planning, excise and taxation minister Harpal Singh Cheema mentioning that the total net GST collection upto November this financial is Rs 15,392.79 crore, compared to Rs 13,955.38 crore in the same duration last fiscal, showing a rise of Rs 1,437.41 crore.
It was cited by the minister that the total net collection via 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 risen by Rs 2,509.09 crore, with the total Rs 27,481.57 crore in FY 2024-25, compared to ₹24,972.48 crore in FY 2023-24.
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Cheema reported a 6.42% increase in excise revenue for November 2024, along with a 13.17% rise observed in November. Rs 795.37 crore is the total excise collection for November this year compared to Rs 747.37 crore in November 2023. Rs 783.63 crore more has been made by the state in this fiscal year, with a total excise revenue up to November to ₹6,733.47 crore, compared to ₹5,949.84 crore during the same period of FY 2023-24.
