Sanjeev Pargal
JAMMU, Feb 3: The Jammu and Kashmir was for the first time heading towards realization of an all time high revenue worth about Rs 5000 crores during the current financial year of 2012-13. The collections would be nearly 40 per cent high as compared to 2009-10 when the State had collected Rs 2830 crore worth taxes.
Official sources told the Excelsior that during first three quarters of this financial year, the Government has realized Rs 3627 crore worth taxes in the form of VAT/GST, MST, Passenger Tax Stamps Duty, Excise, Toll and Entertainment. Most of the traders pay their taxes during last quarter of the financial year i.e. from January 1 to March 31, which was likely to take total tax revenue to around Rs 5000 crores.
The likely revenue of about Rs 5000 crores excludes the amount, which the State would realize under power and water taxes.
During last financial year of 2011-12, the State had recovered total revenue of Rs 4360 crores including Rs 3546.79 crore realized by the Commercial Taxes Department comprising VAT/GST, MST, Passenger Tax, Stamps Duty and Rs 813 crore from Excise, Toll and Entertainment Tax.
In the year 2010-11, the State’s revenue stood around Rs 3370 crores including Rs 2674.99 crores from Commercial Taxes Department and Rs 695 crores from Excise. The revenue collections during 2009-10 were just Rs 2825 crores including Rs 2231.24 crores from Commercial Taxes and Rs 596 crores from Excise.
Sources said as against 2825 crore worth revenue realized in 2009-10 when the present dispensation had taken over, the increase in revenue was expected to be nearly 40 per cent as the State was expecting current year’s revenue to touch nearly Rs 5000 crores. From the last financial year of 2011-12, the increase in taxes during current year would be nearly Rs 600 crores as the State has last year gathered Rs 4360 crores.
The VST/GST realized by the State was just Rs 1791.65 crores in 2009-10 but it went up to Rs 2124.57crores in 2010-11 and Rs 2798.86 crores in 2011-12. During first three quarters of 2012-13, the State has recovered Rs 2413.31 crore worth revenue under VAT/GST.
Under MST, the State had realized Rs 369.23 crores during 2009-10, which went up to Rs 473.54 crores in 2010-11 and Rs 587.20 crores in 2011-12. It stood at Rs 464.30 crores during first three quarters of current financial year.
The Passenger Tax of the State stood at Rs 7.34 crores in 2009-10 but came down to Rs 7.29 crores in 2010-11. However, it again went up to Rs 10.22 crores in 2011-12. The State has realized Rs 9.23 crore worth Passenger Tax during three quarters of this fiscal.
The Stamps Duty of the State was Rs 63.02 crores in 2009-10, which went up to Rs 69.59 crores in 2010-11 and Rs 150.51 crores in 2011-12. It was Rs 140.83 crores during first three quarters of current fiscal.
The Excise, Toll and Entertainment taxes of the State have also been constantly on rise. From Rs 596 crores in 2009-10, the taxes went up to Rs 695 crores in 2010-11 and Rs 813 crores in 2011-12. During first three quarters of this year, the State has realized Rs 599 crores worth taxes.
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