Impact of GST Revision on Jammu and Kashmir’s Economy

Jammu and Kashmir's tax revenue is poised to drop by up to Rs 1,000 crore following recent GST revisions. The state, grappling with the negative aftermath of the Pahalgam terror attack and seasonal heavy rains, faces economic challenges. Despite setbacks, Chief Minister Omar Abdullah conveys optimism for a positive future.

The recent revision in GST rates is projected to result in a significant loss in tax revenue for Jammu and Kashmir, estimated at up to Rs 1,000 crore, according to Chief Minister Omar Abdullah.

Addressing the FICCI national executive meeting, Abdullah highlighted the compounded economic impact of the Pahalgam terror attack and heavy rains, which have devastated the state's income and public perception.

Despite these economic hurdles, Abdullah remains hopeful, indicating an eventual positive trajectory for the region.

(With inputs from agencies.)