Srinagar, Sep 4: Jammu and Kashmir has registered a growth of 20 percent in Goods and Services Tax (GST) revenue collection during the month of August 2021 as compared to corresponding year.
According to the figures shared by the Union Finance Ministry, J&K has registered 20 percent growth in GST collection as in the month of August 2021 a sum of Rs 392 crore was collected in J&K, which is higher in comparison to last year’s collection for the same period. In August 2020, the government had collected GST revenue of Rs 326 crore.
The GST collection in J&K has shown an upward trend as during the month of July, GST revenue realization recorded a growth of 45 percent.
An official said that Goods and Service Tax (GST) revenue collections in the Financial Year 2021-22 has shown a positive growth despite constraints witnessed during the initial months of the fiscal due to Covid lockdown, indicating the revival of business and economic activities here
The gross Goods and Services Tax (GST) revenue collections jumped 30 per cent on a year-on-year basis to Rs 1.12 lakh crore in August across India.
According to an official release, during the period, the revenues from domestic transactions (including import of services) are also 27 per cent higher.
“The gross GST revenue collected in the month of August 2021 is Rs 1,12,020 crore of which central goods and services tax (CGST) is Rs 20,522 crore, state goods and service tax (SGST) is Rs 26,605 crore, integrated goods and services tax (IGST) is Rs 56,247 crore (including Rs 26,884 crore collected on import of goods) and Cess is Rs 8,646 crore (including Rs 646 crore collected on import of goods),” the Ministry said.
Notably, the government has settled Rs 23,043 crore to CGST and Rs 19,139 crore to SGST from IGST as regular settlement. In addition, the Centre has also settled Rs 24,000 crore as IGST ad-hoc settlement in the ratio of 50:50 between Centre and States/UTs.
Earlier, the central government has released Rs 1813 crore to the Union Territory of J&K as a back to back loan facility in lieu of Goods and Services Tax (GST) shortfall under a special borrowing scheme.
As the COVID19 pandemic affected the economy badly, there was a shortfall in GST compensation in J&K as well as across India.
To tide over the resource gap of states, the central government has released Rs 75000 crore as GST compensation out of which J&K will get Rs 1813.73 crore.