Overview
- Finance minister Harpal Singh Cheema said Punjab is among the top three states for revenue growth, with own tax revenue rising from ₹37,327 crore (6.39% of GSDP) in 2021-22 to ₹57,919 crore (7.15%) in 2024-25.
- Excise receipts increased 86.77% in less than four years to ₹37,975 crore through January 2026, with collections projected at ₹11,500 crore in 2025-26 versus ₹6,157 crore in 2021-22.
- GST collections totalled ₹83,739 crore up to January 2026, and state GST revenue is projected to exceed ₹26,500 crore in 2025-26, which Cheema described as 70.50% growth since 2021-22.
- Revenue from stamp duty reached ₹19,515 crore by January 2026; the government cited higher capital spending of ₹31,630 crore this term and reserves of ₹11,720 crore across the Consolidated Sinking and Guarantee Redemption funds by December 2025.
- Despite the lower debt-to-GSDP ratio, total debt is projected to reach about ₹4.17 lakh crore, with Cheema saying 85% of recent borrowings serviced legacy liabilities and that revenue deficit grants and GST compensation fell to ₹27,832 crore from ₹72,340 crore in the previous term.