Srinagar: Jammu and Kashmir has collected the highest Goods and Services Tax (GST) in October.
Figures suggest a total of Rs 648 crore was collected in October.
It is 45 percent more than September. In September, the GST collection in Jammu and Kashmir was Rs 377 crore.
Compared to the corresponding period last year, the GST collection has almost doubled. In October 2020, the GST collection in Jammu and Kashmir was Rs 377 crore.
GST council has revealed that Jammu and Kashmir is leading with 70 percent increase in collections.
In August this year, Rs 392 crore were collected from Jammu and Kashmir against Rs 432 crore in July.
GST collection for October in India stood at Rs 1,30,127 crore, which is the second-highest since the implementation of the tax regime in 2017.
The government recorded the highest ever collection of Rs 1,41,384 crore in April 2021.
As per the officials, the robust recovery in economic activities in the Union Territory has been the main reason for the increase in GST collection.
“We have witnessed that economic activities in Jammu and Kashmir are picking up particularly after decline in Covid-19 number in July this year. Last month, economic activities saw upward trends particularly in horticulture, agriculture, and business, which eventually increased the tax collection,” they said.
Officials believe the GST collection will surge in the coming months. “The GST collection is showing an upward growth. We are hopeful that the tax collection will increase,” they said.
Due to the COVID-19, all the states including the Union Territory of Jammu and Kashmir witnessed a shortfall in GST collection.
To tide over the resource gap, the central government released an amount of Rs 967.32 crore to Jammu and Kashmir.
Jammu and Kashmir has received an amount of Rs 8367.32 as GST compensation since 2017 when the centre implemented GST.
`Economy on revival path’: J&K collects Rs 648 crore GST in October; highest since pandemic
Firdous Hassan
Srinagar: Jammu and Kashmir has collected the highest Goods and Services Tax (GST) in October.
Figures suggest a total of Rs 648 crore was collected in October.
It is 45 percent more than September. In September, the GST collection in Jammu and Kashmir was Rs 377 crore.
Compared to the corresponding period last year, the GST collection has almost doubled. In October 2020, the GST collection in Jammu and Kashmir was Rs 377 crore.
GST council has revealed that Jammu and Kashmir is leading with 70 percent increase in collections.
In August this year, Rs 392 crore were collected from Jammu and Kashmir against Rs 432 crore in July.
GST collection for October in India stood at Rs 1,30,127 crore, which is the second-highest since the implementation of the tax regime in 2017.
The government recorded the highest ever collection of Rs 1,41,384 crore in April 2021.
As per the officials, the robust recovery in economic activities in the Union Territory has been the main reason for the increase in GST collection.
“We have witnessed that economic activities in Jammu and Kashmir are picking up particularly after decline in Covid-19 number in July this year. Last month, economic activities saw upward trends particularly in horticulture, agriculture, and business, which eventually increased the tax collection,” they said.
Officials believe the GST collection will surge in the coming months. “The GST collection is showing an upward growth. We are hopeful that the tax collection will increase,” they said.
Due to the COVID-19, all the states including the Union Territory of Jammu and Kashmir witnessed a shortfall in GST collection.
To tide over the resource gap, the central government released an amount of Rs 967.32 crore to Jammu and Kashmir.
Jammu and Kashmir has received an amount of Rs 8367.32 as GST compensation since 2017 when the centre implemented GST.
