Derabassi (Pb), Jul 23 (PTI) Punjab Finance Minister Harpal Singh Cheema on Wednesday said the AAP government has successfully stabilised the state's declining economy during its three-year tenure.

He emphasised that consistent efforts are underway to further enhance Punjab's performance in gross state domestic product (GSDP) and other key economic indicators.

He was addressing a gathering at an event here.

He noted that Punjab now ranks among the top three states in the country for tax compliance. The state is registering remarkable growth in goods and services tax collections, overall revenue and expenditure, he said.

Highlighting the government's fiscal achievements, the minister said Punjab has surpassed the total GST compensation cess collected during the previous regime (2017-22).

Over the last three years, the state received a total of Rs 63,000 crore in GST compensation cess.

He also stated the excise revenue has doubled during the AAP government's tenure, rising from Rs 6,152 crore to around Rs 12,000 crore.

Additionally, the government has provided over 55,000 merit-based government jobs, curbing brain drain and boosting admissions in state universities and colleges, he said.

The minister credited the government's tax reforms for significantly improving the state's economic health. PTI CHS MR

GST compliance reforms bolstered state revenue and fiscal stability, improving collections and public employment outcomes. The government attributes strengthened fiscal stability to tax reforms that increased GST collections, improved tax compliance and expanded revenue, citing cumulative GST compensation cess receipts and a substantial rise in excise revenue; it connects these fiscal gains to improved GSDP performance and increased merit-based government employment.