GST dealer base expands more than 2.5 times in 5 years to 1.97 lakh in Jammu and Kashmir.
Registration of dealers under the Goods and Services Tax (GST) regime has witnessed remarkable growth in Jammu and Kashmir over the last 5 years.
As per official data, the number of GST-registered dealers in the Union Territory has expanded from about 72,000 in 2018 to 1,97,000 in 2023.
This indicates a massive expansion of over 170% in the GST dealer base in J&K during this period. The significant rise in dealer registration points to increased participation of businesses from the UT in the nationwide indirect tax system.
With more enterprises and traders from J&K coming under the GST ambit, tax compliance is expected to improve within the UT. Analysts say the addition of over 1.25 lakh GST-registered dealers reflects positively on industry sentiment and perception of GST among businesses in Jammu and Kashmir.
As per the official document, the revenue collection under Goods and Services Tax touched Rs 6018 crore in 2023-24 (upto December 2023) exemplifying 10.60 percent growth over such revenues in the same period of 2022-23. The revenue from motor spirit taxes reached Rs 1240 crore in 2023- 24 (till December 2023) against the receipt of Rs 1185 crore over the same period of 2022-23.
The stamp revenue has increased to Rs 416 crore upto December 2023 against Rs 379 crore during 2022-23, showing a growth of 9.7 percent. The excise collection touched Rs 1758 crore upto ending December, 2023 against Rs 1392 crore in the same period during 2022-23, registering a growth of 26%.
“With the support of NIC, the UT initiated the e-stamping system for the registration of documents. This enhanced stamps and registration revenues from Rs. 190 crore in 2018-19 to Rs. 486 crore in 2022-23. The Union Territory Government has notified the new excise policy and established a transparent system of auctions in the allotment of liquor vends. The e-Abgari platform is being strengthened for tracking the supply chain and enhancing excise revenue. These measures have enabled revenue from GST, Excise and Stamps to register healthy growth,” an official document of J&K government reads.
Source from: https://www.greaterkashmir.com/business/gst-dealer-base-expands-more-than-2-5-times-in-5-years-to-1-97-lakh-in-jk/