BK News
Srinagar, Nov 4: After months of slump in the business due to the COVID19 pandemic, the business in J&K has started showing improvement from the previous month, an official spokesperson said Wednesday.
“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,” the spokesperson said in a written statement.
“These steps helped in boosting the business and the other ailing sectors that had suffered due to the adverse impact of COVID19 and had a positive impact on the growth of businesses in the Union Territory.”
The growth in the business activities, the spokesperson said, can be judged from the revenue growth in September and October in collections of Goods and Services Tax (GST) and Motor Spirit and Diesel Oil Tax (MST).
The State Taxes Department has collected Rs 564 crores in state GST (SGST Cash plus Credit) during October.
With the resumption of the business activities the GST collections are showing a positive trend, the total SGST collections stood at Rs 359.84 cr, and Rs 435.39 cr for the month of August and September respectively.
The continuous increase in GST collections is clearly indicating growth in business activities and taxable transactions.
Similarly, the revenue collections under MST stood at Rs 141.00 cr for the month of October and it is expected to grow at Rs.150cr for the month of November.
So far as total GST cash (CGST, SGST, and IGST) growth percentage under GST is concerned, the Union Territory of J&K stood at 2nd, 3rd, and 8th in all India Ranking for the month of August, September, and October 2020.
