Business picks up in J&K, September’s GST second-highest in country

Business picks up in J&K, September’s GST second-highest in country

Srinagar: Despite a shut down economy for most of the past year, Jammu and Kashmir has surprisingly been able to rack up the second-highest amount collected in Goods and Services Tax (GST) in the country during the month of September this year. It means that there was considerable trade activity in JK, as well as between JK and other states, last month.
According to government figures, Rs 650 crore was collected in GST returns from JK in September, an increase of 30 percent over the past month.
Two spells of lockdown, first after JK was stripped of its statehood and the second to prevent Covid-19, had wiped out a quarter of Kashmir’s economy as per Kashmir Inc’s estimates.
A dip of 25 percent was witnessed between March and August this year in GST as compared to the same period last year in J&K.
In late August this year, as the government eased down the Covid restrictions, business activity picked up and the GST collections began to rise, more than even in the wealthiest states of India.
The overall GST revenue collected in September 2020 in India stood at Rs 95,480 crore, which includes Rs 17,741 crore central GST, Rs 23,131 crore State GST, and Rs 47,484 crore Integrated GST. CGST and SGST are levied on intrastate trade while IGST is levied on interstate trade..

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