J&K tax dept collected Rs 564 cr SGST in October: Govt says it points to ‘revival of business’
SRINAGAR, NOVEMBER 4: The J&K Government Wednesday said that after months of slump in businesses world over due to the global COVID-19 pandemic, the business in J&K has “started showing improvement” from the previous month.
In an official statement, it said the growth in the business activities “can be judged from the revenue growth in the month of September and October in collections of Goods and Services Tax (GST) and Motor Spirit and Diesel Oil Tax (MST).”
The State Taxes Department has collected Rs 564 crores in state GST (SGST Cash plus Credit) during October.
“With the resumption of the business activities the GST collections are showing a positive trend, the total SGST collections stood at Rs. 359.84 cr, and Rs.435.39 cr for the month of August and September respectively,” the government said.
“The continuous increase in GST collections is clearly indicating a growth in the business activities and the taxable transactions,” it added.
Similarly, the revenue collections under MST stood at Rs.141.00 cr for the month of October and it is expected to grow at Rs.150cr for the month of November.
So far as total GST cash (CGST, SGST and IGST) growth percentage under GST is concerned, the Union Territory of J&K stood at 2nd, 3rd and 8th in all India Ranking for the month of August, September and October, 2020.