SRINAGAR, SEP 2: Again outperforming the national average, Jammu and Kashmir maintained its remarkable performance in August 2023, as compared to the collection of the same month in the previous fiscal year, with a jump of 21% in GST revenues.
As per the Union Ministry of Finance, the GST revenue collected in the month of August 2023 in J&K was Rs 523 Cr compared to Rs 434 Cr in August 2022.
J&K in June also registered record-breaking 58 percent Year-on-Year growth.
The gross GST revenue collected in the month of August, 2023 is Rs 1,59,069 crore of which CGST is Rs 28,328 crore, SGST is Rs 35,794 crore, IGST is Rs 83,251 crore (including Rs 43,550 crore collected on import of goods) and Cess is Rs 11,695 crore (including Rs 1,016 crore collected on import of goods).
The government has settled Rs 37,581 crore to CGST and Rs 31,408 crore to SGST from IGST. The total revenue of Centre and the States in the month of August, 2023 after regular settlement is Rs 65,909 crore for CGST and Rs 67,202 crore for the SGST.
The revenues for the month of August, 2023 are 11% higher than the GST revenues in the same month last year. During the month, revenue from import of goods was 3% higher and the revenues from domestic transactions (including import of services) are 14% higher than the revenues from these sources during the same month last year.
The State Taxes department has set a goal of collecting Rs 10,000 crore in SGST for the current fiscal year, encouraged by the steadily increasing Goods and Services Tax (GST) collection in Jammu and Kashmir.
The Rs 10,000 crore SGST collection target is expected to be the greatest GST collection ever in Jammu and Kashmir, which is benefiting from government development efforts and a healthy influx of visitors following years of unrest and turbulence.
According to a representative of the State Taxes department, the improvement in law and order, the positive influx of tourists, and the growth in economic activity are the main causes of the increased GST collection.
He said, “In the last four years, the situation has improved considerably which is evident by the figures of GST collection,” adding that “business was worst hit, so was that tax collection when out of 12 months, 6 months Kashmir used to remain disturbed due to law and order issues.”
