Jammu, Mar 31 (PTI) The Union Territory of Jammu and Kashmir has recorded a significant hike of 25.38 per cent in tax revenue collection during 2021-22 over the last fiscal, officials said.
The total collections of indirect taxes like the 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, they said.
Besides, the collection on account of the Goods and Services Tax was Rs 11,163.95 crore against Rs 9,020 crore collected during the previous financial year, thereby recording a robust growth of 23.77 per cent, the officials added.
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, a growth of 25.33 per cent, they said.
The buoyant growth in collections in this sector has been achieved despite recent reductions in tax rates by the government in respect of petrol, diesel and ATF.
In a remarkable accomplishment, the growth of revenue in stamp duty collection has shown a steep hike of 56.12 per cent as the total reached Rs 425 crore, against Rs 272.22 crore recorded during the last fiscal, they added.
Collections made in 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, recording a substantial growth of 30 per cent.
The officials said that the impressive tax revenue generated during 2021-22 indicates revival and recovery of business and trade activities in the union territory. PTI AB IJT
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Source: The Print
