Rs. 917.85 crore collected in April 2023, marking 30.73% growth rate
SRINAGAR: The GST collections in the Union Territory of Jammu and Kashmir reached an all-time high in April 2023, with total collections reaching Rs. 917.85 crores, an increase of Rs 215.77 crore over last year’s April collections and a growth rate of 30.73%.
According to Ministry of Finance figures issued today, the growth in SGST has been one of the highest in the country, with a 44.51 per cent increase over the same period last year.
Similarly, IGST settlement has increased by 22% over the previous fiscal year. It is worth noting that GST collections in April 2023 are the highest ever recorded by the State Taxes Department since GST introduction. Previously, the best monthly collections in terms of SGST cash and IGST.
In the previous fiscal year, the monthly average was more than Rs 600 crores. GST monthly receipts were Rs. 496.95 crores in fiscal year 2021-2022.
The SGST cash collections have been rapidly increasing in recent months, with April this year garnering national news with the highest growth in J and K since the commencement of GST, as figures speak louder than words.
The tax base has also been raised from 1.17 lakhs in fiscal year 2021-22 to 1.34 lakhs in fiscal year 2022-23.
In the fiscal year 2022-23, around 25982 new registrations were given. The trend of increased revenue collections by the State Taxes Department over the last year is due to a variety of steps taken by the department, which resulted in improved compliance behaviour by taxpayers and proactive support provided by the department to taxpayers to make Goods and Services Tax compliance easier and smoother.
At the same time, the department has been vigilant in taking action against defaulters found by various IT tools such as BIFA, GST Prime, the GST BO portal, and human intelligence.
In the fiscal year 2022-23, 8800 cancellations were made. Honest taxpayers have also been facilitated and rewarded as part of the department’s initiative in the tax awareness programme “KAR-TAVYA,” which was recently launched by the Lieutenant Governor of the UT of J&K.