J&K doubles tax income in three years

SRINAGAR: Within three years, J&K has doubled its tax income. Against Rs 2600 crore in 2009-10, J&K anticipates netting Rs 5500 crore from tax and excise this fiscal.

"We have improved a lot,” Finance Minister Abdul Rahim Rather told his officers in Jammu. “We need evolve more realistic and practical strategies to bring further reforms in the tax management system even if it requires amending the existing taxation laws.”

The meeting that reviewed functioning of the taxation system for the first time after Finance Ministry commissioned Rs 42.58 crore Toll Plaza at Lakhanpur. It includes weigh bridges, public grievances hall, main office block and parking lot for 240 trucks at a time.

Rather said the revenue realization on account of toll during 2011-12 was Rs 306.23 crore as compared to Rs 249.82 crore during 2010-2011 registering a growth of 22.58%. The import and export of taxable goods during these years were of the value of Rs 28924 crore and Rs 12369 crore respectively.