Jammu and Kashmir post 2.94 pc growth in GST collections in FY21:
The tax department of J&K’s surveillance and supervision in combating tax evasion complemented the government’s efforts in this regard, officials said. Officials said on Friday that total GST tax collections, including settlement in Jammu and Kashmir for the financial year 2020-21, were Rs 4,890.35 crore, up 2.94 per cent from Rs 4,750.60 crore the previous year.
Facing restrictions experienced during the first months of the fiscal due to the COVID-19 lockout, the Goods and Services Tax (GST) revenue collections have grown, suggesting the revival of industry and economic activities in the Union Territory, officials said.
According to official estimates, revenue generation in April, May, and June was Rs 68.36 crore, Rs 163.71 crore, and Rs 278.84 crore, respectively, compared to Rs 521.69 crore in April, Rs 393.55 crore in May, and Rs 420.23 crore in June of 2019. According to officials, GST sales rose in the second half of the fiscal year despite the pandemic.
They added that many government programs and the economic stimulus plan announced in September 2020 for improving the ailing industries that had suffered due to the pandemic contributed to the optimism. The tax department of J&K’s surveillance and supervision in combating tax evasion complemented the government’s efforts in this regard, officials said.
Similarly, the Motor Spirit and Diesel Oil Tax (MST) collections in the Union Territory of J&K for the financial year 2020-21 were Rs 1,459.89 crore, up 2.71 per cent from Rs 1,421.69 crore in 2019-20, according to officials.
Stamps and Registrations collections totalled Rs 268.29 crore, down from Rs 289.13 crore the previous fiscal year.
Overall, gross tax receipts for the fiscal year 2020-21 is Rs 6,618.53 crore, up 2.26 per cent from Rs 6,472.24 crore in the fiscal year 2019-20, according to officials.