J&K posts 2.94% growth in GST collection in FY21

J&K posts 2.94% growth in GST collection in FY21

Photo for representation only

Jammu, April 2

The gross GST revenue collections, including settlement for the financial year 2020-21 in Jammu and Kashmir, stood at Rs 4,890.35 crore as against Rs 4,750.60 crore in the previous year, registering a growth of 2.94 per cent, officials said on Friday.

The growth in the Goods and Services Tax (GST) revenue collections was posted despite constraints witnessed during the initial months of the fiscal due to the Covid-19 lockdown, indicating the revival of business and economic activities in the Union Territory, the officials added. As per the official figures, the revenue collection for the months of April, May and June stood at Rs 68.36 crore, Rs 163.71 crore and Rs 278.84 crore, respectively, as against Rs 521.69 crore (April), Rs 393.55 crore (May), and Rs 420.23 crore (June) in 2019.

Despite the pandemic, the GST revenue showed growth during the second half of the financial year, the officials said. The reasons for the buoyancy include several measures taken by the government along with the economic relief package announced in September 2020 for boosting the ailing sectors that had suffered due to Covid. — PTI

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