Do you know how much tax J&K Govt. has Realized in last three years? Find out here
Rs 3,683 crore tax realised in three years: Jammu and Kashmir
JAMMU: The Jammu and Kashmir government today said it has realised Rs 3,683.57 crore tax from different sources during the past three years.
Replying to a question by BJP’s Rajesh Gupta in the assembly, Minister of State for Finance Ajay Nanda said an amount of Rs 1,241.84 crore was generated in 2015-16, Rs 1,369.79 crore in 2016-17, while Rs 1,071.94 crore tax was realised during the current financial year so far.
He further informed the house that the Goods and Services Tax (GST) has been implemented in the state from July 8, 2017.
Implementation of GST is the most comprehensive indirect tax reform introduced in the country which has paved the way for subsuming multiple central and state taxes, he added.
“With this single tax in the country, the boundaries of the state have become immaterial for trade and industry and cascading of taxes has almost vanished,” he said.
GST has also allowed the transfer of credit of taxes paid in other states against liabilities accruing in states of consumption, the minister added.
He further said the check-posts and physical barriers have been removed altogether to free the trade from all hurdles.
In response to another question, Nanda said toll tax has not been subsumed under GST and the government is competent to levy toll under the J&K Levy of Toll Act, Samvat 1995 as per taxation powers derived from Section 5 of the Constitution of Jammu and Kashmir. Hence, charging toll tax is not any violation of GST norms.
Moreover, toll has not been abolished in any part of the country yet, the minister added.