Panchal played as many as 460 balls, collecting 32 fours in the process. With his marathon innings, he eclipsed Mukund Parmar's 283 to become the first triple centurion from the state.
Panchal has hit purple patch this Ranji season, having scored 232 and 56 in his last two innings against Mumbai.
Courtesy his monumental effort, Gujarat declared their first innings at 624 for six after starting the day at 281 for two.
Bhargav Merai (65), Rijul Bhatt (60), Rush Kalaria (60 not out) and stand in skipper Axar Patel (65 not out) were the Gujarat batsmen who contributed to the massive total.
Brief scores: Gujarat 624/6 decl in 156.4 overs (Panchal 314 not out; Sandeep Sharma 3/126). Punjab 20/1 in six overs.