Srinagar, Oct 10 (KNO): Jammu and Kashmir’s own tax revenue has shown a strong rise over recent years, hinting at a steady improvement in the Union Territory’s financial position. The stamp duty and registration fees are witnessing one of the sharpest increases, growing by 57 per cent from Rs 325.54 crore to Rs 512.02 crore. Land revenue has nearly doubled, rising by 87 per cent from Rs 60.57 crore to Rs 113.28 crore.
According to the official data, accessed by the news agency—Kashmir News Observer (KNO), Jammu and Kashmir's total own tax revenue increased from Rs 8,876.99 crore in 2020–21 to Rs 11,707.28 crore in 2021–22. This has shown a growth of 31.88 per cent in a single year, hinting at higher collections across all tax segments.
A senior finance department official told KNO that the increase is due to better compliance and stronger revenue administration. "Post-pandemic recovery has clearly revived trade, transport, and real estate activity. Further, the GST framework has matured in Jammu and Kashmir. With tighter enforcement and improved digital tracking, leakages have reduced significantly," he added.
The State Goods and Services Tax (SGST) was the biggest contributor, rising from Rs 4,839.35 crore in 2020–21 to Rs 6,394.31 crore in 2021–22, an increase of over 32 per cent. State Excise collections went up from Rs 1,347.42 crore to Rs 1,782.79 crore, also a 32 per cent jump. Taxes on sales and trade climbed from Rs 1,495.61 crore to Rs 1,906.31 crore.
Stamp duty and registration fees saw one of the sharpest increases, growing by 57 per cent from Rs 325.54 crore to Rs 512.02 crore. Land revenue nearly doubled, rising by 87 per cent from Rs 60.57 crore to Rs 113.28 crore. Taxes on goods and passengers recorded the steepest jump, from Rs 0.90 crore in 2020–21 to Rs 5.73 crore in 2021–22, a 536 per cent increase.
A senior official at the department of finance here attributed this rise to better tax administration, post-COVID economic recovery, and stronger enforcement under the Goods and Services Tax regime.
"The government’s focus on plugging gaps and digitising payments is showing results," he said, adding that more citizens are entering the formal tax net
The data further reveals that the government has also received Rs 892.56 crore as GST compensation for revenue loss and Rs 3,845.49 crore as back-to-back loans from the Centre in lieu of GST compensation—(KNO)