J&K's November GST collection hits Rs 469 crore, notching 9% YoY surge

Srinagar, Dec 3: Jammu and Kashmir has reported a noteworthy surge in Goods and Services Tax (GST) revenue for November, recording an impressive 9 percent increase compared to the same period last year.

According to data released by the Union finance ministry, J&K's GST collection for November 2023 stood at Rs 469 crore, a substantial rise from the Rs 430 crore recorded during the corresponding period in 2022.

A senior official highlighted the substantial progress in the taxpayer base, stating, "The number of registered taxpayers has soared from 72,000 in the fiscal year 2017-18 to over 1.42 lakh. The current financial year (2023-24) has witnessed a remarkable surge in monthly collections, crossing Rs 683 crore, with an impressive 97% of dealers filing returns."

"J&K's GST revenue collection under State Goods and Services Tax (SGST) has shown an exceptional growth rate of 33.20%, surpassing the national average of 15% for the current fiscal year. Until the end of October 2023, Jammu and Kashmir have realized a total GST revenue (SGST & IGST) of Rs 4811.09 crore, reflecting an overall growth of 20.31%."

The nationwide GST revenue collection for November 2023 has reached a significant milestone, standing at Rs 1,67,929 lakh crore, marking a robust growth rate of 15% year-on-year. The Ministry of Finance issued a statement, revealing that the gross GST collection has crossed the Rs 1.60 lakh crore mark for the sixth time in the fiscal year 2023-24.

Breaking down the figures, the Finance Ministry stated, "The gross GST revenue collected in November 2023 is Rs 1,67,929 crore, comprising CGST (Rs 30,420 crore), SGST (Rs 38,226 crore), IGST (Rs 87,009 crore, including Rs 39,198 crore collected on import of goods), and cess (Rs 12,274 crore, including Rs 1,036 crore collected on import of goods)."

The ministry further detailed the settlements, revealing that Rs 37,878 crore has been transferred to CGST and Rs 31,557 crore to SGST from IGST. The total revenue for the Centre and the States after regular settlement in November 2023 is Rs 68,297 crore for CGST and Rs 69,783 crore for SGST.

The released data indicates that the November 2023 revenues are not only 15% higher than the GST revenues in the same month last year but also represent the highest for any month year-on-year during the fiscal year 2023-24, up to November 2023.