CHANDIGARH: Showcasing robust financial management and sustained economic recovery, Punjab Finance, Excise and Taxation Minister Advocate Harpal Singh Cheema on Thursday announced a significant 12.52% increase in the net Goods and Services Tax (GST) collection up to the month of March for the financial year 2025-26. He said the state also recorded a substantial year-on-year increase in March 2026, with Net GST Collection rising from Rs.1, 913.82 crore in March 2025 to Rs.2, 231.93 crore, registering an absolute gain of Rs. 318.11 crore and a growth of 16.6% and SGST cash collections in March registered a robust growth of 18%, placing Punjab among the top-performing large states in the country, as against the national growth rate of approximately 7%.
Disclosing these figures in a press communiqué issued here, Finance Minister Harpal Singh Cheema said that Punjab has registered consistent and broad-based revenue augmentation for the full financial year 2025–26 as the net GST collection up to the month of March reached Rs. 26601.12 crore in 2025-26, compared to Rs. 23642.08 crore in 2024-25, registering a solid increase of Rs. 2959.04 crore. “This sustained fiscal expansion positions Punjab ahead of the national average, where net GST revenue grew by approximately 6 % , thereby establishing the State as a strong performer in GST mobilization”, he added.
The Finance Minister Cheema said that the fiscal year 2025-26 reflects a clear three-phase revenue trajectory marked by strong initial gains, a policy-induced dip, and a decisive recovery. Cheema said, “In the first six months (April to September 2025), Punjab recorded a substantial increase in Net GST Collection of Rs. 2, 478.19 crore, reflecting a growth of 23%, demonstrating strong revenue mobilisation driven by effective state-level enforcement and compliance measures”.
Highlighting the Challenges faced due to the GST 2.0 policy, the Finance Minister said that substantial increase during the first half of the year was followed by a dip in the October to December quarter, where Net Collection by Rs. 193.04 crore (-3%), largely due to disruptions arising from centrally driven GST 2.0 policy changes; cumulatively, this phase resulted in an estimated revenue impact of around Rs. 400 crore. “Importantly, the Chief Minister Bhagwant Singh Mann led State Government’s proactive interventions led to a sharp recovery in the January to March 2026 quarter, with Gross Collection increasing by Rs. 564.97 crore (9%) and Net Collection by Rs. 669.09 crore (11%), more than offsetting the earlier decline and restoring the growth trajectory”, Cheema added.