Net GST collection grows by 62 pc in Nov: Punjab FM Harpal Singh Cheema

Punjab Finance Minister Harpal Singh Cheema on Sunday said the net GST collection in the state rose by 62.93 per cent in November compared to the corresponding period of last year. Additionally, the total net GST collection up to November in this financial year reflects an increase of 10.30 per cent compared to the same period of the financial year 2023-24, he said.

In a statement, Cheema said the net GST collection for November this year amounted to Rs 2,477.37 crore, up from Rs 1,520.55 crore in November 2023, showing an increase of Rs 956.82 crore.

He further said the total net GST collection up to November in this financial year stands at Rs 15,392.79 crore as compared to Rs 13,955.38 crore during the corresponding period of 2023-24, reflecting an increase of Rs 1,437.41 crore.

Cheema further said the total net collection from value-added tax, GST, excise and other taxes in November was Rs 4,004.96 crore.

The state finance minister also said there was a significant increase in the excise revenue, with a 6.42 per cent growth in November. The total excise collection for November this year is Rs 795.37 crore compared to Rs 747.37 crore in November 2023.

Cheema credited the growth in GST and excise collections to the state government’s efforts to improve tax compliance and enforcement.