Jammu and Kashmir posts 2.94 pc growth in GST collections in FY21
The gross GST revenue collections together with settlement for the year 2020-21 in Jammu and Kashmir stood at Rs 4,890.35 crore as against Rs 4,750.60 crore within the previous year, registering a growth of 2.94%, officers aforementioned on Friday.
The growth within the merchandise and Services Tax (GST) revenue collections were denote despite constraints witnessed throughout the initial months of the business because of the COVID-19 imprisonment, indicating the revival of business and economic activities within the Union Territory, the officers superimposed.
The reasons for the buoyancy embrace many measures taken by the government together with the economic relief package proclaimed in September 2020 for reinforcing the peaked sectors that had suffered because of the pandemic, they added.
The police investigation and observance by J&K’s tax department in preventing nonpayment additionally complimented the efforts of the govt during this regard, the officers aforementioned.
Similarly, underneath the Motor Spirit and diesel fuel Tax (MST), the collections for the year 2020-21 within the Union Territory of J&K stood at Rs 1,459.89 crore as compared to Rs 1,421.69 crore in 2019-20, up 2.71 percent, the officers aforementioned.