SRINAGAR: The Commercial Taxes Department (CTD), Kashmir has set an all-time high revenue target of about Rs 1506.56 crore during the current financial year against an achievement of Rs 1,120.27 crore during last fiscal.
This included revenue target of Rs 1,345.62 crore under Sales Tax / VAT, Rs 157.34 crore under stamps and Rs 3.60 crore under Passenger Tax.
Officials of CTD said against the total revenue target of Rs 1,506.56 crore, the achievements registered during the first quarter of the current financial year is the order of Rs 530.49 crore against Rs 473.28 crore registered during the corresponding period of the last fiscal which shows the growth rate of 12.09 percent.
The Additional Commissioner, CTD, Kashmir Hakeem Rafiq Ahmad said the revenue realization in Kashmir division has increased from Rs 490.78 crore in 2008-09 to over Rs 1120 crore in 2012-13, marking three folds increase.
He said the total revenue realised on account of VAT and CSD is of the order of Rs 268.52 crore against last year’s Rs 22.76 crore showing an overall growth of 18.94 per cent.
He said there is also growth of 7.09 per cent in revenue under GST. Mr Ahmad said about 1,180 registrations have been granted upto ending July 2013 including 644 under VAT and 536 under GST.
The total number of dealers registered stands as 31427 which include 18,278 under VAT and 13148 under Goods and Services Taxes (GST).
About 2,420 assessments have been completed under the Act in the first quarter of the current fiscal whereas 807 inspections have been conducted, in which 159 cases of violation of the provision of VAT Act have been detected.
