Record excise revenue collection in FY25: Punjab FM Harpal Cheema

Finance, Planning, Excise and Taxation Minister Harpal 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 of 16.36 per cent compared to the last financial year.

He said the state’s total revenue collection from VAT, CST, GST, PSDT and Excise during FY 2024-25 stood at Rs 42,289.97 crore, showcasing a growth rate of 12.47 per cent, crossing the Rs 40,000-crore threshold for the first time in the state’s history.

In a press communiqué, he attributed the remarkable growth in excise collection to the successful excise policies implemented by the state government. He said the state witnessed a rise of Rs 598.72 crore in excise revenue, surpassing the target of Rs 10,145 crore for 2024-25.