E-Paper
J&K registers 2.94% growth in GST collections
A growth in goods and services tax revenue collections was registered despite constraints witnessed during the initial months of the fiscal due to the pandemic
The gross GST revenue collections for the 2020-21 financial year in Jammu and Kashmir stood at ₹4,890.35 crore against ₹4,750.60 crore in the previous year, registering a growth of 2.94%, officials said on Friday.
A growth in goods and services tax (GST) revenue collections was registered despite constraints witnessed during the initial months of the fiscal due to the pandemic, indicating the revival of business and economic activities in the Union Territory, officials said.
The revenue collection for April, May and June was ₹68.36 crore, ₹163.71 crore and ₹278.84 crore, respectively, against ₹521.69 crore, ₹393.55 crore, and ₹420.23 crore in 2019. Despite the pandemic, GST revenue showed growth during the second half of the financial year, officials said.
The reasons for the buoyancy include several measures taken by the government along with the economic relief package announced in September 2020 for boosting the ailing sectors that had suffered due to the pandemic, they added.
The surveillance and monitoring by the J&K tax department in preventing tax evasion also complemented the efforts of the government in this regard, the officials said.
Under the motor spirit and diesel oil tax (MST), the collections for 2020-21 was ₹1,459.89 crore against ₹1,421.69 crore in 2019-20, the officials, adding that ₹268 crore was collected under stamps and registrations,
Overall, for the financial year 2020-21, the total revenue collections stood at ₹6,618.53 crore as compared to ₹6,472.24 crore in 2019-20, showing a growth of 2.26%, the officials said
