PUNJAB ACHIEVES HISTORIC EXCISE REVENUE MILESTONE, EARNS RS 10743.72 CRORE IN FY 2024-25: HARPAL SINGH CHEEMA

Chandigarh : Punjab Finance, Planning, Excise, and Taxation Minister Advocate Harpal Singh 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 percent compared to the previous fiscal year. He said that the state’s total revenue collection from VAT, CST, GST, PSDT, and Excise during FY 2024-25 stood at Rs 42289.97 crore, showcasing a growth rate of 12.47 percent crossing the Rs 40,000 crore threshold for the first time in the state's history.

Finance Minister Cheema attributed these achievements to the transparent excise policies implemented by the Chief Minister Bhagwant Singh Mann led Punjab Government, and the enforcement activities of the Excise and Taxation Department which successfully curbed liquor smuggling from neighboring states. He said that the department has 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 that 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.

The Finance Minister emphasized that these efforts to boost the state's tax revenue have enabled the Chief Minister Bhagwant Singh Mann-led Punjab Government to present a historic "Badlda Punjab" budget, aimed at ushering in an era of economic and social development for the state. He said that the state government would continue to opt for new initiatives to further improve the tax revenue without imposing any new tax burden on the people of the state.

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