GST dealer base expands more than 2.5 times in 5 years to 1.97 lakh in J&K
Srinagar, Feb 12: Registration of dealers under the Goods and Services Tax (GST) regime has witnessed remarkable growth in Jammu and Kashmir over the last 5 years.
As per official data, the number of GST-registered dealers in the Union Territory has expanded from about 72,000 in 2018 to 1,97,000 in 2023.
This indicates a massive expansion of over 170% in the GST dealer base in J&K during this period. The significant rise in dealer registration points to increased participation of businesses from the UT in the nationwide indirect tax system.
With more enterprises and traders from J&K coming under the GST ambit, tax compliance is expected to improve within the UT. Analysts say the addition of over 1.25 lakh GST-registered dealers reflects positively on industry sentiment and perception of GST among businesses in Jammu and Kashmir.
The widening GST dealer base is a healthy sign for Jammu and Kashmir and will boost GST revenues for the UT administration, a senior State Taxes Deptt official said.
As per the official document, the revenue collection under Goods and Services Tax touched Rs 6018 crore in 2023-24 (upto December 2023) exemplifying 10.60 percent growth over such revenues in the same period of 2022-23. The revenue from motor spirit taxes reached Rs 1240 crore in 2023- 24 (till December 2023) against the receipt of Rs 1185 crore over the same period of 2022-23.
