J&K's GST revenue growth much higher than national average: LG
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J&K's GST revenue growth much higher than national average: LG

Commends J&K Sales Tax dept & ICAI for landmark MoU

Post by RK News on Monday, October 2, 2023

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Srinagar, Oct 01: Treading a remarkable move to enhance the expertise and efficiency of the Jammu and Kashmir State Taxes Department, an essential Memorandum of Understanding (MoU) was signed today with the Institute of Chartered Accountants of India (ICAI) in presence of the Lt Governor Manoj Sinha.
The development is aimed at marking the inception of a promising collaboration between the two entities.
During his address, Lieutenant Governor Manoj Sinha commended the dedication and professionalism exhibited by the J&K State Taxes Department and ICAI. He emphasized that this MoU signifies the beginning of a mutually beneficial partnership between ICAI and Jammu and Kashmir.
The Lieutenant Governor highlighted the pivotal role that ICAI would play in supporting the State Taxes Department in future policy formulation and other aspects related to taxation. This partnership is expected to bolster the ongoing efforts to improve the ease of doing business and the overall economic environment in the region.
Addressing the inaugural session of the Capacity Building Program on Goods and Services Tax (GST), Manoj Sinha praised the honest taxpayers for their valuable contributions to the development of Jammu and Kashmir. He also shared the government's commitment to fostering a conducive environment for economic growth and business expansion.
Highlighting the impressive growth in GST revenue for Jammu and Kashmir, which has surpassed the national average, the Lieutenant Governor expressed confidence in the region's future prospects. He attributed this success to recent economic reforms focused on promoting growth with social equality, transparency in governance, and efforts to curb cronyism.
"We have placed great emphasis on enhancing competitiveness, expanding the tax base, ensuring compliance, and strengthening the trust between citizens and the Government," Manoj Sinha stated.
The Lieutenant Governor praised the State Taxes Department for simplifying the tax-paying process and spreading awareness about the tax regime in every district. He urged both the department and the citizens of the Union Territory to actively contribute to industrialization, envisioning J&K as a driving force in the development of 'Viksit Bharat' (Developed India).
Later, Sinha assured the ICAI of the administration's full support in establishing their Centre of Excellence in the Union Territory. He also released the revised edition of GST Acts and Rules - Bare Law and felicitated consumers under the 'Mera Bill Mera Adhikar' campaign.
This partnership between the J&K State Taxes Department and ICAI is expected to bring about positive changes in taxation policies and contribute to the region's economic growth and prosperity.
Dr. Arun Kumar Mehta, Chief Secretary Santosh D Vaidya, Principal Secretary, Finance Dr. Rashmi Singh, Commissioner State Taxes Department, Ranjeet Kumar Agarwal, Vice President ICAI, Sushil Kumar Goyal, Chairman, GST & Indirect Taxes Committee, Umesh Sharma, Vice Chairman, GST & Indirect Taxes Committee, Senior Officers Members of ICAI ,Representatives Trade & Industry Associations, Heads of educational institutions were present.

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