GST revenue in November month for Jammu and Kashmir has seen a big rise of 9% against the identical duration last year.
As per the Union finance ministry’s data, J&K’s GST collection in November 2023 hit Rs 469 crore, notably up from Rs 430 crore in the same period last year.
A senior official emphasized the substantial expansion in the taxpayer base, stating, From 72,000 registered taxpayers in 2017-18, we’ve surged to over 1.42 lakh. This fiscal year (2023-24) has seen monthly collections soar past Rs 683 crore, with an impressive 97% of dealers filing GST returns.
J&K’s SGST revenue has surged by 33.20%, surpassing the national average of 15% for this fiscal year. Until October 2023, the region’s total GST revenue (SGST & IGST) hit Rs 4811.09 crore, reflecting a 20.31% overall growth.
Nationwide, GST revenue for November 2023 hit a notable milestone, reaching Rs 1,67,929 lakh crore, marking a robust 15% year-on-year growth. The Ministry of Finance disclosed that gross GST collection has exceeded Rs 1.60 lakh crore for the sixth time in the fiscal year 2023-24.
Breaking down the numbers, the Finance Ministry reported that in November 2023, the gross GST revenue totalled Rs 1,67,929 crore, with CGST at Rs 30,420 crore, SGST at Rs 38,226 crore, IGST at Rs 87,009 crore (including Rs 39,198 crore from goods imports), and cess at Rs 12,274 crore (including Rs 1,036 crore from goods imports).
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Further elaborating on settlements, the ministry disclosed that Rs 37,878 crore was moved to CGST and Rs 31,557 crore to SGST from IGST. After the regular settlements, the total revenue for the Centre and the States in November 2023 sums up to Rs 68,297 crore for CGST and Rs 69,783 crore for SGST.
The data released highlights that not only are the November 2023 revenues 15% higher than the GST revenues in the same month last year, but they also stand as the highest for any month year-on-year up to November 2023 in the fiscal year 2023-24.
