Economic growth

Economic growth

The J & K administration has taken many policy decisions for the economic development and for the good of the society at large.

In this direction recently LG Manoj Sinha said that healthy growth in the business sector will benefit society as a whole in Jammu and Kashmir. It is imperative to ensure that economic growth through stabilization of the tax revenues is ensured at all levels.  At the same time it should also be ensured that habit gets inculcated in every business enterprise & consumers to pay taxes with pride.

We must achieve the target of 100% GST tax coverage. Every taxpayer must come forward and contribute towards nation building. GST realized the dream of One Nation, One Tax and guaranteed revenue flow to the states. I express my heartfelt gratitude to the business community and citizens of Jammu Kashmir for their cooperation & invaluable contribution in the development of J&K.

Observing that increased business activities are required for long term economic development and strengthening food security & generating employment opportunities, he highlighted the effective steps taken by the administration for improving Ease of Doing Business, facilitating the expansion of the existing units & setting up of new industries & businesses and extending the benefits of amnesty schemes. The reason for buoyancy in the revenue is due to several measures taken by the State Taxes Department like establishment of GST Facilitation Centers (GST Suvidha Kendras), District Level Awareness Programmes for the Stakeholders across the UT of J&K, Coordination Meetings between Central GST and UT GST authorities etc. The State Taxes Department has adopted a promotional approach rather than a regulatory one and is continuously focusing on capacity building.

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