Tax Net Widens: J&K’s GST base expands threefold to 2 lakh dealers in 2024
Srinagar, Aug 13: The Union Territory of Jammu & Kashmir has reported substantial growth in tax revenue collection and a dramatic increase in GST registrations, according to recent government data.
The number of dealer registrations under GST has seen a remarkable surge, expanding from approximately 72,000 in 2018-19 to over 200,000 in 2023-24. This nearly threefold increase reflects a significant formalization of the economy and a broadening of the tax base.
According to the official document, the UT government has invested in capacity building for taxation staff, collaborating with the Institute of Chartered Accountants to support this growth. Additionally, new mechanisms have been implemented to track purchases and stem GST leakages. In a move to improve tax realization from capital works, GSTN verification has been linked with the bill payment system.
“The introduction of a new excise policy has brought transparency to the allotment of liquor vends through a system of auctions. This, coupled with the implementation of an e-stamping system for document registration, has led to a significant boost in revenue. Stamps and registration revenues have more than tripled, rising from Rs190 crore in 2018-19 to Rs 678 crore in 2023-24.”
