Jammu and Kashmir recorded a 32% growth in GST revenue in September 2023, compared to the same month last year. This is the second highest growth among states in the country, after Manipur.
The Finance Ministry attributed the strong growth in GST revenue in Jammu and Kashmir to a number of factors, including increased economic activity, better tax compliance, and effective enforcement measures.
The state government has been taking a number of steps to boost economic activity and improve tax compliance. These include streamlining the GST registration process, providing incentives to new businesses, and cracking down on tax evasion.
The strong growth in GST revenue is a positive sign for the Jammu and Kashmir economy. It shows that businesses are growing and that the state government is able to effectively collect taxes. This will help the state government to fund its development programs and improve the lives of its citizens.
As per the data the growth in India’s gross GST revenues slowed to 10.2% in September from around 10.8% in the previous two months, but collections improved 2.3% over August revenues to touch ₹1,62,712 crore.
Revenues from domestic transactions (including import of services) are 14% higher than the revenues from these sources during the same month last year, and this is the fourth time that the gross GST kitty has crossed ₹1.60 lakh crore mark in 2023-24, the Finance Ministry said.
The revenues included Central GST collections of ₹29,818 crore, State GST of ₹37,657 crore, and Integrated GST of ₹83,623 crore, which included ₹41,145 crore collected on import of goods. GST compensation cess collections were ₹11,613 crore (including ₹881 crore collected on import of goods).
The government has settled ₹33,736 crore to CGST and ₹27,578 crore to SGST from IGST. The total revenue of Centre and the States in the month of September, 2023 after regular settlement is ₹63,555 crore for CGST and ₹65,235 crore for the SGST.
Revenues in strife-torn Manipur, which recovered from a contraction in August, recorded the highest growth among States in September, rising 47%.
GST revenues in Telangana grew 33%, followed by Jammu and Kashmir (32%), Arunachal Pradesh (27%), Tamil Nadu (21%) and Karnataka (20%)
Bihar was the only State to report a contraction in GST collections in September, with revenues down 5%. The Union Territories of Lakshadweep and Andaman and Nicobar Islands clocked a sharp decline in revenues, which fell 45% and 30% year-on-year, respectively. By contrast, revenues shot up 81% in the Union territory of Ladakh.