Chandigarh, March 3: Punjab’s fiscal landscape has undergone a “decisive turnaround,” with massive growth across excise, GST, and stamp duty collections, Finance Minister Harpal Singh Cheema declared on Tuesday. Presenting data at Punjab Bhawan, the minister asserted that the state’s annual average for GST collection has jumped to ₹21,845 crore under the present government, nearly doubling the averages of previous eras.
The minister affirmed that revenue from land and property registrations has also seen a historic rise. He stated that the government has generated ₹19,515 crore in stamp duty by January 2026, which represents 60 percent more than the collections made during the full five-year terms of preceding administrations. Cheema declared that at the current pace, this revenue is expected to double the totals recorded during the 2017-22 period.
Addressing the state’s borrowing, Cheema maintained that a significant portion of new loans is dedicated to servicing old debt. “The AAP government received a legacy debt of approximately ₹3,00,000 crore,” the minister asserted. He stated that 35 percent of new borrowing is utilized solely to clear liabilities from previous governments, yet the state has still managed to reduce its overall debt-to-GSDP ratio.
Cheema also affirmed that the state has made proactive investments in the Consolidated Sinking Fund, which acts as a buffer against financial crises. These reserves have grown by 287 percent to reach ₹11,720 crore by December 2025.
“Excise revenue has increased by 86.77% in less than four years,” Cheema stated. He affirmed that the government remains committed to fiscal discipline and administrative transparency despite the complete halting of several central grants.
