J&K records significant hike of 25.38 % in Tax revenue collection during 2021-22
JAMMU : The Union Territory of Jammu and Kashmir has recorded a significant hike of 25.38 per cent in tax revenue collection during 2021-22 (ending March, 2022) against the collections made during the last fiscal.
As per an official spokesperson, the total collections of indirect taxes like GST, excise duty, stamps and tax on motor spirits have been made to the tune of Rs. 15,179.42 crore against Rs. 12,105.95 crore collected during the previous financial year 2020-21. Besides, the collection on account of Goods & Services Tax was Rs. 11,163.95 crore against Rs. 9,020.00 crore collected during the previous financial year thereby recording a robust growth of 23.77 per cent.
The tax collected on 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 of recent reduction of tax rate by the government in respect of petrol, diesel and ATF.
In a remarkable accomplishment, the growth of revenue in the stamp duty collection has shown a steep hike of 56.12 per cent as the total collection made have reached Rs. 425.00 crore against Rs. 272.22 crore recorded during the last fiscal. Likewise, collections made in the excise duty have been to the tune of Rs. 1,760.74 crore 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. “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 collection of Tax Revenue.