Jammu, June 2: Jammu and Kashmir, after clocking negative growth with two percent vis-a-vis GST revenue collection during April 2024, regained its upswing by registering an impressive twenty-four percent Year-on-Year (Y-o-Y) growth in May.
In May, 2023, as per the statistics released by the Union Finance ministry, J&K had registered a GST revenue collection of Rs 422 crore. However, this collection in J&K rose to Rs 525 crore in May 2024, thus registering an upswing of 24 percent.
Interestingly, this time, Ladakh Union Territory has registered a negative growth of 41 percent with GST revenue collection of Rs 15 crore in May, 2024 against Rs 26 Cr collected during the same period last year.
Among neighbouring hilly states, Himachal Pradesh and Uttarakhand registered one percent and twenty-eight percent growth respectively, in GST revenue collection in May, 2024.
In April 2023, J&K had recorded a GST revenue collection of Rs 803 Cr while in April, 2024, the collection fell by two percent. UT registered Rs 789 Cr GST revenue collection in April, 2024. 26 percent growth of GST revenues was recorded during March, 2024, compared to collection of the same month of previous financial year. J&K had recorded 23 percent Year-on-Year (Y-o-Y) growth in GST revenue in February, 2024.
Ladakh Union Territory had recorded Rs 70 GST revenue collection in April, 2024 against Rs 68 Cr registered in April, 2023, thus clocking three percent growth.
As per the statistics of the Union Finance Ministry, the gross Goods and Services Tax (GST) revenue for the month of May 2024 stood at Rs 1.73 lakh Cr. This represented a 10 percent year-on-year growth, driven by a strong increase in domestic transactions (up 15.3 percent) and slowing of imports (down 4.3 percent). After accounting for refunds, the net GST revenue for May 2024 stood at Rs 1.44 lakh Cr, reflecting a growth of 6.9 percent compared to the same period last year.
Giving a breakdown of May 2024 collections, the statistics projected Central Goods and Services Tax (CGST) Rs 32,409 Cr; State Goods and Services Tax (SGST) Rs 40,265 Cr; Integrated Goods and Services Tax (IGST) Rs 87,781 Cr, including Rs 39,879 Cr collected on imported goods and Cess Rs 12,284 Cr, including Rs 1,076 Cr collected on imported goods.
“The gross GST collections in the FY 2024-25 till May 2024 stood at Rs 3.83 lakh Cr. This represents an impressive 11.3 percent year-on-year growth, driven by a strong increase in domestic transactions (up 14.2 percent) and marginal increase in imports (up 1.4 percent). After accounting for refunds, the net GST revenue in the FY 2024-25 till May 2024 stands at Rs 3.36 lakh Cr, reflecting a growth of 11.6 percent compared to the same period last year,” the ministry release mentioned.