SRINAGAR, FEB 09: The Union Territory (UT) of Jammu & Kashmir has witnessed substantial improvement in tax collection over the past few years due to focused efforts by the administration.
As per official statistics, the number of GST registrants in J&K has increased from about 72,000 in 2018 to 1,97,000 in 2023.
A senior finance department official informed Morning Kashmir that the UT undertook dedicated drives for dealer outreach and enforcement to expand the GST base. Capacity-building programs were also organized by the Institute of Chartered Accountants to train taxation staff, which aided the efforts. Additionally, purchase tracking mechanisms were set up to curb GST leakages.
The UT also initiated the e-stamping system for the registration of documents with support from the National Informatics Centre. This helped enhance revenue from Stamps and Registration from Rs. 190 crore in 2018-19 to Rs. 486 crore in 2022-23 – a 2.5 times increase.
The Excise Department unveiled a new transparent excise policy in 2022, establishing auctions for liquor retail licenses. The robust e-Abgari platform tracks the alcohol supply chain aiding excise revenue growth.
Consequently, tax collections registered healthy expansion. The GST revenue till December 2023 was Rs. 6018 crore, showcasing 10.6% growth year-on-year. Motor spirit taxes touched Rs. 1240 crore against Rs. 1185 crore last year. Stamp duties increased to Rs. 416 crore from 379 crore in 2022-23. Excise revenues also rose by 26% to Rs. 1758 crore this financial year as opposed to Rs. 1392 crore in 2022-23.
Alongside, over 4.6 lakh smart meters were installed by the Power Development Department limiting electricity losses. This positively impacted consumer behavior and boosted tariff revenues by 10% in 2023-24.
The multi-pronged approach has enabled J&K UT to accomplish progress across sectors, backed by buoyant tax collections. Senior officials have expressed confidence that with sustained efforts, tax compliance and revenues will continue to ascend over the next few years.
