Punjab Reports Historic Surge in GST Collections Amid Robust Fiscal Policies

Punjab saw a 25.31% growth in GST collections in May, reaching Rs 2,006.31 crore, the highest for the month in its history. This reflects strong tax administration and compliance, along with a resilient economic environment fostered by financial reforms. The growth also surpasses the national average.

In a significant boost to its fiscal health, Punjab recorded a 25.31% year-on-year increase in net Goods and Service Tax (GST) collections for May, amounting to Rs 2,006.31 crore. This marks the highest GST revenue for the month in the state's history.

Finance Minister Harpal Singh Cheema attributed the unprecedented rise to effective tax administration, a robust compliance framework, and the state's resilient economic environment under Chief Minister Bhagwant Mann's leadership. The increase also notably exceeds the national average GST growth.

Combatting challenges such as border tensions with Pakistan, Punjab took decisive actions against tax evasion, including the verification of bogus firms and uncovering fraudulent transactions. These measures underscore the government's commitment to maintaining financial prudence and reform, further enhancing state revenues.

(With inputs from agencies.)