J&K registers 6% YoY growth in September

Jammu, Oct 5: Jammu and Kashmir has posted six percent Year-on-Year (Y-o-Y) growth vis-a-vis GST revenue collection, for September 2024.

J&K registered Rs 599 Cr revenue collection in September 2024 compared to September 2023 when it collected Rs 563 Cr.

Neighbouring Union Territory of Ladakh registered the highest Y-o-Y growth i.e., 24 percent for September 2024 along with Haryana, corresponding to the same period last year (September, 2023).

In September 2024, Ladakh collected Rs 44 Cr while its GST revenue collection in September 2023 was Rs 35 Cr.

Other hilly states, including neighbouring Himachal Pradesh besides Uttarakhand, posted better growth rates i.e., 9 percent and 14 percent respectively than J&K.

Himachal and Uttarakhand collections rose to Rs 856 Cr and Rs 1,582 Cr in September 2024 against revenue of Rs 784 Cr and Rs 1392 Cr respectively, during the same period last year.

In the state-wise overview of pre-settlement State GST figures for 2024-25 till date, J&K recorded a growth rate of 1 percent in pre-settlement GST figures, recording Rs 1,525 Cr in 2024-25 against Rs 1515 Cr in 2023-24. It showed growth of 7 percent in post-settlement GST figures, with Rs 4,385 Cr in 2024-25 against Rs 4,102 Cr in 2023-24.

In the case of Ladakh, growth rate of 14 percent was recorded in pre-settlement GST figures, with Rs 111 Cr in 2024-25 against Rs 98 Cr in 2023-24.

It maintained static growth of 14 percent in post-settlement GST figures, with Rs 343 Cr in 2024-25 against Rs 300 Cr in 2023-24.

As per official statistics, the gross monthly GST collection, which stood at Rs 1,73,240 Cr, demonstrated a Y-o-Y growth of 6.5 percent corresponding to the same month last year, when it (collection) was Rs 1.62 lakh Cr.

However, the month-on-month numbers have marginally dipped in absolute terms by approximately 1 percent from Rs 1.75 lakh Cr in August 2024. Official statistics reflected monthly GST collections for September 2024 recording a “fair year-on-year growth of 6.5 percent.”

“CGST for September 2024 accounted for Rs 31,422 Cr; SGST was Rs 39,283 Cr; IGST stood at Rs 90,594 Cr and Cess was Rs 11,941 Cr. Nominal Y-o-Y increase was observed in domestic transactions, up by 5.9 percent and imports, up by 8 per cent,” official report has stated.