Jammu, Apr 5 (PTI) The economy of Jammu and Kashmir registered 7.5 per cent growth in last fiscal year on various initiatives undertaken by the finance department, an official said.

The department took various initiatives for completion of more projects than in previous years, enhancement of revenue collection, besides ensuring financial discipline for improving public spending and efficient treasury management to clear all the bills in a time bound manner.

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The Union Territory recorded a significant hike of 25.38 per cent in tax revenue collection during 2021-22 over the last fiscal year.

"The economy of J&K has improved significantly and during the year 2021-22, J&K registered a growth of 7.5 per cent over financial year 2020-21," Additional Chief Secretary, Finance Department, Atal Dulloo told PTI.

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Dulloo said the tourist footfall in J&K has also remained the highest, contributing towards enhancing livelihood of the people associated with the tourism sector.

"To improve livelihood of people, more than 15 lakh people were covered under various financial inclusion schemes which include business revival scheme, PM-SVANidhi, GECL and others," he said.

Dulloo said more than Rs 2,000 crore were disbursed to over 65 lakh individual beneficiaries through direct benefit transfer (DBT) which include old age pensioners also, whose livelihood depends on the monthly financial support from the government.

He said that during the last financial year, despite facing COVID challenges, the finance department undertook various initiatives to spur growth.

The Union Territory during 2021-22 witnessed significant growth of 25.38 per cent in tax revenue collection against the collection made in the previous year, he said.

"The total collection of indirect taxes like GST, Excise duty, Stamps and Tax on motor spirits have been registered to the tune of Rs 15,179.42 crore against Rs 12,105.95 crore collected during previous financial year 2020-21", he said.

Dulloo said the collection on account of Goods & Services Tax alone was to the tune of Rs 11,163.95 crore against Rs 9,020.00 crore in 2020-21.

"If we see the tax collected on sale of motor spirits during 2021-22, it is to the tune of Rs 1,829.73 crore against Rs 1,459.92 crore collected during 2020-21, thereby registering a growth of 25.33 percent."

The stamp duty collection grew 56.12 per cent to Rs 425 crore against Rs 272.22 crore recorded in 2020-21, he added.

Collections under excise duty were to the tune of Rs 1,760.74 crore against Rs 1,353.81 crore collected during 2020-21.

Dulloo said the impressive tax revenue generated during 2021-22 indicates revival and recovery of the business and trade activities in the Union Territory.

He said proper tax planning, effective monitoring and efficient implementation of the tax statutes with initiatives aimed at bringing transparency and accountability in the system contributed towards scaling up the momentum of revenue collection in J&K.

Dulloo said the finance department has played a pivotal role in bringing the economy on the right track after the pandemic.

He said treasury management was remarkable in the previous financial year, and that all the verified bills of contractors have been cleared and paid in timely manner.

"Besides, all pending claims of projects sanctioned under JKIDFC (languishing projects) have been cleared. All the bills of centrally sponsored schemes have been cleared - both central share and matching UT share," he added.

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