Srinagar, March 18: Jammu & Kashmir’s GST return filing percentage in December, 2020 stands at 91% against national average of 86%.
Giving out these details in her budget speech on J&K, Finance Minister Nirmala Sitharaman said, “if we take SGST collections as an indicator of economic growth, it is heartening to note that SGST collections in J&K stands at Rs.453 crore over last six months as compared to Rs 393 crore last year over the same period.”
The average collection of stamp duty has shown a positive trend over the last six months, documents analysed by Ziraat Times suggest.
J&K’s revenue, recipes and borrowings for 2021-22
The total receipts of 2021-22 are estimated at Rs.1,08,621 crore. Of these, Rs. 97,141 crore arerevenue receipts, Rs.11,480 crore are in the form of borrowings and Rs. 22,211 crore are Ways & Means Advances. J&K’s own revenues are estimated to be Rs. 24,485 crore. In addition to this, Rs.30,757 crore are to flow as central assistance to J&K.
Given these receipts, the total expenditure is estimated to be Rs.1,08,621 crore. Of this, capitalexpenditure would be Rs.39,817 crore and revenue expenditure Rs.68,804 crore.
The Jammu and Kashmir Appropriation Bill No (02) is proposed to be presented to authorize payment and appropriation of Rs.1,30,832.24 crore from and out of the Consolidated Fund of the UT of Jammu and Kashmir for the period w.e.f 1″ April, 2021 to 31th March, 2022.
On latest fiscal indicators of J&K, Finance Minister said:
The tax/GDP ratio is projected at 8.10 percent for 2021-22 which is higher than the previous year of 7.08 percent.
Debt/GDP ratio for previous years has consistently remained below 48% which is within FRBM limits.
GDP growth for the year 2021-22 has been projected at Rs.2,01,054 crore which shows a growthof 7.5%.