J&K records 22% growth in GST collection till August

Representational Picture
Representational PictureFile/ GK

Srinagar: Jammu and Kashmir has collected Rs 3002.26 crore GST revenue during the first five months of the current fiscal year till August, according to officials. In contrast to the same five months in the fiscal 2021–22 year, the collections reflect a 22 percent increase.

Officials informed that Goods and Service Tax (GST) revenue collections in the financial year 2022-23 are showing an increase of 22.09 percent in comparison to the last financial year for the same period.

“There is an increase of Rs 543.23 crore in revenue collections till August in comparison to the last FY for the same period. Average monthly collections for the current financial year are at Rs 600.45 crore till August as against Rs 491.80 crore for the same period in the last financial year.”

“State taxes department J&K has recently taken up several measures in order to improve GST compliance and augment revenue realization. In order to reduce compliance costs, a time-bound process for cancellation of the dormant as well as non-compliant taxpayers has been initiated by the Department and this could be one of the reasons for growth. Besides return filings for the current financial year have increased to 95 percent which also has a bearing effect on the overall growth of GST collections.”

“Another measure which has led to an increase in GST revenue collections is the enforcement activities by the enforcement wings of the State Taxes Department, especially with respect to collections from registered taxpayers who have not been filing returns,” officials said.

Related Stories

No stories found.
Greater Kashmir
www.greaterkashmir.com