Jammu and Kashmir witnessed two pandemic waves crippling life, but the development and growth have not been hampered.
Recently the J & K administration said that their GST collections have been very high and other developmental projects have also picked the pace.
Jammu and Kashmir figures among the top four states/ Union Territories in the country in Gross Domestic State Product growth and achieved one of the highest growth rates in GST collections despite Covid pandemic slowdown.
The J&K Government realised the revenue collection of Rs 15217.17 crores in the year 2021-22 which is a 25.70 % growth rate as compared to Rs 12105.95 crs (17.02% growth rate )in 2020-21, Rs 10345.46 crs in 2019-20 (8.18 %) and Rs 9562.80 crs in 2018-19. The revenue has been realized from SGST/IGST/Compensation, Stamps, MST and Excise Collections across J&K.
The economy of other states witnessed a prolonged and severe impact of the COVID-19 pandemic; GST collections of many States across India went down while Jammu and Kashmir recorded 26 percent increase in the collections as compared to last year.
Government recently said that the hike in collections has happened because of a series of financial reforms introduced to bring fiscal discipline in the Union Territory. As a result of these reforms the Union Territory was granted Rs 1.12 lakh crore worth budget for 2022-23 financial year as compared to Rs 1.8 lakh crore in the last fiscal year of 2021-22.