November 5, 2020

Upswing in GST collections points to revival of business in JK

Srinagar: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.
This has been made possible by the slew of measures taken by the Government along with the economic relief package announced in the month of September, 2020.
These steps helped in boosting the business and the other ailing sectors that had suffered due to adverse impact of COVID-19 and had a positive impact on the growth of businesses in Jammu & Kashmir.
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 this month.
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 continuous increase in GST collections is clearly indicating a growth in the business activities and the taxable transactions.
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 Jammu & Kashmir stood at 2nd, 3rd and 8th in all India Ranking for the month of August, September and October, 2020.

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