Jammu-Kashmir moving towards strong economy, continuous increase in GST collection

After bearing the brunt of the Corona pandemic for two years, the economy of Jammu and Kashmir is back on track. Jammu and Kashmir is moving towards a strong economy, which is indicated by the continuous increase in the GST collection of Jammu and Kashmir. The businessmen of Jammu and Kashmir are also emerging from the recession and are making their important contribution in improving the economy. The number of GST payers in the state is continuously increasing, due to which the GST collection of Jammu and Kashmir will increase in the coming days. Will be included in the list of leading states of the country. If we compare Jammu and Kashmir with the neighboring states, Punjab and Himachal Pradesh, the GST collection here is growing faster. In Punjab, the GST collection has increased at the rate of about 25 percent as compared to the previous financial year and in Himachal Pradesh, the GST collection is increasing at the rate of about twenty percent. Whereas in Jammu and Kashmir, the GST collection in June 2023 is 58 percent as compared to June 2022. The percentage was higher. The state’s GST collection in June stood at Rs 588.68 crore, which was Rs 371.83 crore in June last year. The GST collection of Jammu and Kashmir was 6500 crores in 2021-22, which increased to 7284 crores in the financial year 2022-23. In such a situation, the government hopes that the state’s GST collection will reach ten thousand crores in the financial year 2023-24.