Jammu: Jammu and Kashmir has registered a record-breaking growth of 58 percent in GST revenue collection in the month of June 2023 compared to June of the previous financial year.
Meanwhile, Ladakh Union Territory has recorded an increase of 10 percent in GST revenue for the same period.
As per the Union Ministry of Finance, the GST revenue collected in the month of June 2023 in J&K has registered substantial growth and this growth percentage is more than three times the national average and the best in the country among medium and large jurisdictions.
The gross GST revenue collected in June 2023 was 588.68 Cr compared to 371.83 Cr in June 2022.
Commissioner State Taxes J&K, Dr Rashmi Singh applauded the performance of State Tax Officers for their unrelenting efforts in ensuring consistent growth in GST revenue month-on-month.
Dr Rashmi Singh said that this performance demonstrated the dedication and hard work of the State Taxes Officer in Jammu and Kashmir. She added, “This impressive growth coincides with the sixth anniversary of the implementation of GST in J&K.” The State Taxes Department is celebrating GST Week from July 1 to 7, as part of its initiative to raise awareness of GST among all stakeholders concerned.
Pertinently, India’s gross GST revenue for the month of June 2023 stood at 1,61,497 Cr, registering a 12 per cent year-on-year rise. It is for the fourth time since the inception of GST in 2017 that the monthly gross GST collection has crossed Rs 1.60 lakh Cr mark.
Out of the gross GST revenue collected in the month of June, 2023, CGST is Rs 31,013 Cr; SGST is Rs 38,292 Cr, IGST is Rs 80,292 Cr (including Rs 39,035 Cr collected on import of goods) and cess is Rs 11,900 Cr (including Rs 1,028 Cr collected on import of goods).
As per the statistics released by the Union Ministry of Finance, the government has settled Rs 36,224 Cr to CGST and Rs 30269 Cr to SGST from IGST. The total revenue of Centre and the States in the month of June 2023 after regular settlement is Rs 67,237 Cr for CGST and Rs 68,561 Cr for the SGST.
In case of J&K, the amount of SGST portion of IGST settled to States/UT in June’23 is Rs 417.85 Cr while in case of Ladakh, it is Rs 28.68 Cr.
The revenues for the month of June 2023 are 12 percent higher than the GST revenues in the same month last year. During the month, the revenues from domestic transactions (including import of services) are 18 percent higher than the revenues from these sources during the same month last year.
It is for the fourth time, the gross GST collection has crossed Rs 1.60 lakh crore mark. The average monthly gross GST collection for the first quarter of FY 2021-22, FY 22-23 & FY 23-24 are Rs 1.10 lakh Cr, Rs 1.51 lakh Cr and Rs 1.69 lakh Cr respectively.