Post-Covid economic recovery: J&K collects Rs 383 crore GST in November; 6% more than corresponding period last year

Srinagar: Jammu and Kashmir has collected over Rs 380 crore Goods and Services Tax (GST) in November.

There is 6 percent more than the corresponding same period last year.

Official figures accessed by The Kashmir Monitor reveal that the  GST collection K stood at Rs 383 crore in November. In the corresponding period last year, the UT had collected Rs 360 crore.

In October, Jammu and Kashmir recorded a 72 percent growth in GST collection compared to the corresponding period last year.

Figures suggest a total of Rs 648 crore was collected in October. It was also 45 percent more than September. In September this year, the GST collection in Jammu and Kashmir was Rs 377 crore.

In October, J&K also reported the second-highest growth rate in GST amongst all the states, Union Territories, in the country.

As per the officials, the recovery in economic activities in the Union Territory since June this year has been the main reason for the increase in GST collection.

“In May and June this year, there was a decline in GST collection due to the second wave. The economy treaded on a revival path as markets opened with the resumption of trade activities and flights,” they said. 

Officials believe the GST collection will surge in the coming months. “The GST collection is showing an upward growth. We are hopeful that the tax collection will increase at the beginning of the New Year,” they said.

Due to the COVID-19, all the states including the Union Territory of Jammu and Kashmir witnessed a shortfall in GST collection.

To tide over the resource gap, the central government released an amount of Rs 967.32 crore to Jammu and Kashmir.