Srinagar, July 03: As part of ongoing GST Week celebrations, the State Taxes Department on Monday organized an interaction session with various stakeholders at Excise and Taxation Complex Solina.
The session was presided over by Additional Commissioner State Taxes Kashmir, Shakeel Maqbool.
DC Enforcement (Central) Parveez Raina, DC IT, Analytics & Economic Intelligence, Farooq Ahmad Baba, DC Appeals I & II, Assistant Commissioners, State Taxes Officers, Inspectors, Sub-Inspectors and other officials of the department attended the session.
The stakeholders were represented by various trade and manufacturing associations like Kashmir Traders and Manufacturers Federation, Kashmir Economic Alliance, Joint Traders Association, Kashmir Economic Forum, PHD Chamber of Commerce and Industry, Shehr-e-Khas Traders and Manufacturers Coordination Committee and Federation, J&K Economic Federation, KCCI, Kashmir Traders and Manufacturers Federation (Rather Group), Kashmir CPE Chapter of ICAI, Federation Chamber of Industries Kashmir among others.
Commissioner State Taxes J&K, Dr. Rashmi Singh while presenting the keynote address expressed her gratitude to all the stakeholders present for their contribution in the GST growth story in J&K and for braving all the challenges since the inception of GST in 2017.
She emphasized the need for more collaboration and cooperation between the Department and stakeholders in order to encourage professional and ethical business practices, curb novel tax evasion techniques, ensure better awareness of GST laws, enhance efficiency of the tax system and resolve compliance issues towards overall economic growth.
The Commissioner emphasized the department's commitment to improving the GST framework, streamlining processes, and addressing concerns faced by businesses and taxpayers.
Additional Commissioner State Taxes Kashmir in his address highlighted the achievements of the department since implementation of GST in 2017. He said that “sparing some hiccups in the beginning, GST has been a phenomenal growth story in UT of J&K and this has been possible due to the determined efforts by the department particularly State Tax Officers, gradual streamlining of the system, and cooperation by all stakeholders”.
He also said that Consistent growth in GST revenue stabilised year-on-year beginning with financial year 2021-22 to the extent that during the last 7 months J&K has been able to achieve GST revenue growth in excess of national average. The GST revenue registered a substantial growth of 58% in June 2023 compared to the previous financial year. This is more than three times the national average of 18 percent, the Additional Commissioner added.
He further said that, “State Taxes Department believes that such interactions play a crucial role in building a strong foundation for successful implementation of GST and fostering a collaborative spirit among all stakeholders. By addressing concerns, sharing knowledge, and exploring innovative solutions, the department aims to create an enabling environment that benefits both businesses and the overall economy of Jammu & Kashmir.”
Speaking on the occasion, various representatives from trade bodies said that the interaction session served as a platform for stakeholders to engage in discussions on various aspects of GST, including its implementation, challenges faced by businesses, compliance procedures, and the overall impact of the indirect tax regime on the state's economy.
The participants actively exchanged ideas, best practices, and suggestions, aiming to enhance the effectiveness of GST in Jammu & Kashmir.
"The interaction with stakeholders during GST Week has been an enlightening experience. We have gained valuable insights from the Commissioner, Additional Commissioner, various stakeholders present and this will help us refine our approach to GST implementation. We are committed to creating a business-friendly tax environment in J&K and fostering transparency, efficiency, and growth," said Farhan Kitab, President Joint Traders Association.