Srinagar, Dec 10 (KNO): Jammu and Kashmir has paid a whopping amount of Rs 37,273 crore as Goods and Services Tax (GST) from 2017 till November 2024, the government data revealed on Tuesday.
During the period, the region has received Rs 59,611 crore in SGST, IGST settlements, and compensation payments.
Jammu and Kashmir's annual GST collections have grown steadily, from Rs 2,320 crore in FY 2017-18 (July 2017 to March 2018) to Rs 6,704 crore in FY 2023-24.
For the current fiscal year, the collections till November 2024 stand at Rs 4,861 crore.
Similarly, the settlements and compensation rose significantly, peaking at Rs 11,171 crore in FY 2021-22, with Rs 5,932 crore disbursed so far in FY 2024-25.
“GST collection in India is classified into CGST, SGST, and IGST, depending on whether the supply of goods or services is intrastate or interstate,” the government said, adding that while CGST is credited to the Consolidated Fund of India (CFI), SGST is credited to the Consolidated Fund of the respective States.
“For inter-state supply and imports, IGST is levied and collected by the Centre, with the collected IGST being apportioned between the Union and the States/UTs on a monthly basis as per the Goods and Services Tax Settlement of Funds Rules, 2017. Provisional settlements are made depending on the un-apportioned IGST,” it said.
It said that the government has also undertaken several reforms to improve GST compliance, based on the recommendations of the GST Council. "These reforms include measures like the e-way bill, ITC matching, e-invoice for B2C suppliers, Aadhaar authentication for registration, and targeted actions against non-filers and risky taxpayers, using artificial intelligence and machine-based analytics," it added—(KNO)