J&K GST growth stumbles, revenue drops by 2% to Rs 789 Crore in April

Jammu, May 1: After a continuous upswing for months together, Jammu and Kashmir clocked negative growth with two percent vis-a-vis GST revenue collection during April 2024, compared to the same period last year.

GST revenue collection plunged in case of J&K and few other states and Union Territories, when as per the statistics released by the Union Finance ministry, the Gross Goods and Services Tax (GST) collections hit a record high in April 2024 at Rs 2.10 lakh Cr, representing a significant 12.4 percent year-on-year growth.

In April 2023, J&K had recorded a GST revenue collection of Rs 803 Cr while in April, 2024, the collection fell by two percent. UT registered Rs 789 Cr GST revenue collection in April, 2024.

In contrast, Ladakh Union Territory continued to maintain an upswing as it recorded Rs 70 Cr GST revenue collection in April, 2024 against Rs 68 Cr registered in April, 2023, thus clocking three percent growth.

J&K’s neighbouring hilly states of Himachal Pradesh and Uttarakhand, however, managed an upward swing by registering a growth of six percent and four percent with 1015 Cr and Rs 2239 Cr collection in April, 2024 against Rs 957 Cr and Rs 2148 Cr respectively, during the same period last year.

J&K figured along with Sikkim; Arunachal Pradesh; Nagaland; Meghalaya; Lakshadweep and Andaman and Nicobar Islands which all clocked negative growth with five percent; sixteen percent; three percent; two percent; fifty-seven percent and thirty percent respectively.

Jammu and Kashmir had registered 26 percent growth of GST revenues during March, 2024, compared to collection of the same month of previous financial year. The GST revenue collected in the month of March, 2024 in J&K was Rs 601 Cr compared to Rs 477 Cr in March, 2023.

J&K had recorded 23 percent Year-on-Year (Y-o-Y) growth in GST revenue in February, 2024. Statistics, on the whole, released on Wednesday demonstrated that significant 12.4 percent year-on-year growth, was driven by a strong increase in domestic transactions (up 13.4 percent) and imports (up 8.3 percent).

After accounting for refunds, the net GST revenue for April 2024 stands at Rs 1.92 lakh Cr, reflecting an impressive 15.5 percent growth compared to the same period last year.

In the month of April, 2024, the central government settled Rs 50,307 Cr to CGST and Rs 41,600 Cr to SGST from the IGST collected.

This translated to a total revenue of Rs 94,153 Cr for CGST and Rs 95,138 Cr for SGST for April, 2024 after regular settlement.