A Record: Jammu Kashmir Tax Basket Reaches Rs 15179 Cr In Fiscal 2021-22

   

SRINAGAR: Jammu and Kashmir has collected a record tax of Rs 15179.42 crore in fiscal 2021-22, which concluded today. The collections are 25.38 per cent more than Rs 12105.95 crore collected in the last financial year, fiscal 2020-21, an official spokesman said in Jammu.

Follow Us OnG-News | Whatsapp
The Indian Currency

This collection is a cumulative collection of indirect taxes – GST, excise duty, stamps and tax on motor spirits.

The GST collections alone stood at Rs. 11,163.95 crore against Rs 9,020.00 crore collected in the previous financial year thereby recording a robust growth of 23.77 per cent.

The tax collected on the sale of motor spirits during 2021-22 was to the tune of Rs 1,829.73 crore against Rs 1,459.92 crore collected during the previous financial year thereby registering a growth of 25.33 per cent. “The buoyant growth in collections in this sector has been achieved despite a recent reduction of the tax rate by the government in respect of petrol, diesel and ATF,” the spokesman said.

The growth of revenue in the stamp duty collection has shown a steep hike of 56.12 per cent as the total collection made has reached Rs 425 crore against Rs 272.22 crore recorded during the last fiscal.

The Excise Duty collections have reached Rs 1,760.74 crore by March 2022, against Rs 1,353.81 crore collected during the financial year 2020-21 thereby recording a substantial growth of 30 per cent.

“The impressive tax revenue generated during 2021-22 indicates revival and recovery of business and trade activities in the Union Territory,” the spokesman said. “Proper planning, monitoring and effective implementation of Tax statutes in the Union Territory coupled with government’s initiatives of bringing transparency and accountability in the system have tremendously contributed towards scaling up the momentum of a collection of Tax Revenue.”

LEAVE A REPLY

Please enter your comment!
Please enter your name here