Punjab's growth rate three times faster than the national average!
Chandigarh(The Uttam Hindu): Demonstrating impressive fiscal resilience and administrative efficiency, Punjab has achieved a 21.51 percent increase in net GST collections by October 2025, with a robust 14.46 percent growth in October alone. Disclosing this in a press release here, Punjab Finance, Planning, Excise and Taxation Minister, Advocate Harpal Singh Cheema, commended the state's excellent performance despite the widespread floods and the recent rationalization of tax rates under GST 2.0. Sharing the growth figures, Finance Minister Harpal Singh Cheema said that the state collected ₹15,683.59 crore in net GST from April to October 2025, compared to ₹12,907.31 crore in the same period last fiscal year. This represents a remarkable increase of ₹2,776 crore in the state's GST collections. He pointed out that, in contrast, the growth rate in the financial year 2024-25 was only 3.8 percent until October 2024.
The Finance Minister further stated that the state's net GST collections for October 2025 were ₹2,359.16 crore, compared to ₹2,061.23 crore in October 2024, an increase of ₹298 crore, reflecting the state's continued economic momentum. He also stated that this increase was due to the GST 2.0 reforms implemented in September 2025, which reduced several tax rates. Finance Minister Harpal Singh Cheema stated that despite the tax rate cuts and difficult circumstances such as severe floods, Punjab's GST revenues have increased significantly, reflecting the success of improved compliance, anti-evasion initiatives, and digital monitoring systems. The state's growth rate of 21.5 percent is significantly higher than the national average of 7 percent, making Punjab one of the best-performing states in North India.
He further stated that the post-settlement figures for SGST and IGST up to October 2025 further validate Punjab's fiscal strength, as the state's overall growth rate has been higher than all neighboring states except Haryana. The Finance Minister stated that this performance reflects the resilience of Punjab's trade and industry, especially considering that nearly half of the state's districts were affected by floods during this period.
Finance Minister Harpal Singh Cheema attributed these achievements to the Excise and Taxation Department's data analytics capabilities, digital integration, stringent field enforcement, and strategic approach. He reiterated the department's commitment to simplify compliance for honest taxpayers, crack down on tax evasion, and advance Punjab's economic revival through transparent and efficient tax administration. (Advertorial)