Compared to Rs 377 cr in October, UT’s Nov GST collection declined to Rs 360 cr
Srinagar, Dec 4: Jammu and Kashmir’s Goods and Services Tax collection declined by 5% to Rs 360 crore in November, compared to Rs 377 crore in October this year, according to the data released by the Union Finance Ministry this week.
The GST collections for the month also declined by 1% on year on year basis as compared to November 2019 collection of Rs 363 crore.
The tax collection for November declined after a constant increase in the previous three months of this year, which government had claimed, an indication of business revival and growth in the Union Territory.
The GST collection for August, September and October has been Rs 326 crore, Rs 368 crore and Rs 377 crore respectively.
J&K Government last month had said that after months of slump due to COVID19 pandemic, the business in J&K had started showing improvement.
“This has been made possible by the slew of measures taken by the Government along with the economic relief package announced in the month of September 2020,” an official spokesperson had said, in a written statement. (Link)
“These steps (by the government) helped in boosting the business and the other ailing sectors that had suffered due to adverse impact of COVID-19 and had a positive impact on the growth of businesses in the Union Territory.”
However, experts believe, that the November GST figures indicate that the complete revival may not be possible for months together yet.
Protracted lockdowns have huge impact on the major business sectors and given the situation continues to be the same with the expected second wave of COVID19, which have already hit Europe and the US, they said.
The GST collection at all-India level for November also witnessed a slight decline as compared to October.
The GST collection across the country for November is Rs 104963 crore as compared to Rs 105155 crore in October, according to the Union Finance Ministry.
It said the government has settled Rs 22,293 crore to CGST and Rs 16,286 crore to SGST from IGST as regular settlement. The total revenue earned by Central Government and the State Governments after regular settlement in November 2020 is Rs 41,482 crore for CGST and Rs 41,826 crore for the SGST.
In line with the recent trend of recovery in the GST revenues, the revenues for November 2020 are 1.4% higher than the GST revenues in the same month last year. During the month, revenue from import of goods was 4.9% higher and the revenues from the domestic transaction (including import of services) are 0.5% higher than the revenues from these sources during the same month last year.
The chart below shows trends in monthly gross GST revenues during the current year. The table shows the state-wise figures of GST collected in each State during November 2020 as compared to November 2019.