{"id":33602,"date":"2025-10-15T05:47:30","date_gmt":"2025-10-15T05:47:30","guid":{"rendered":"https:\/\/jammubulletin.com\/site\/?p=33602"},"modified":"2025-10-15T05:47:30","modified_gmt":"2025-10-15T05:47:30","slug":"jk-to-face-shortfall-of-rs-1000-cr-in-gst-revenue-omar","status":"publish","type":"post","link":"https:\/\/jammubulletin.com\/site\/jk-to-face-shortfall-of-rs-1000-cr-in-gst-revenue-omar\/","title":{"rendered":"J&#038;K to face shortfall of Rs 1000 cr in GST revenue: Omar"},"content":{"rendered":"<p>Srinagar, Oct 14: Chief Minister Omar Abdullah today said J&amp;K may face a shortfall of nearly Rs 1,000 crore in Goods and Services Tax (GST) revenue this year, stressing that the dip would further strain Jammu and Kashmir\u2019s already deficit financial position.<br \/>\nSpeaking at the National Executive Committee meeting of FICCI here, Omar said the shortfall stems from recent changes in GST rates and an overall economic slowdown that has affected multiple sectors since mid-April.<\/p>\n<p>\u201cOur internal assessment, coupled with the recent changes in GST rates\u2014which will obviously impact our revenue\u2014shows that we may face a hole of Rs 900\u20131,000 crore in GST earnings alone this year. J&amp;K already has a deficit financial position, and Rs 1,000 crore is a lot of money to lose,\u201d he said.<br \/>\nHe added that the slowdown has hit almost every sector of the economy, which will impact the Government\u2019s spending capacity.<br \/>\n\u201cAcross manufacturing, tourism, handicrafts, handlooms, agriculture, and horticulture, there has been a clear decline in activity since April. This will also affect the Government\u2019s ability to spend as the financial year comes to a close,\u201d the Chief Minister said.<\/p>\n<p>&nbsp;<\/p>\n<p>Referring to the recent terror attack in Pahalgam, Omar said it was not just a blow to tourism but also to the overall perception of J&amp;K as a safe destination.<br \/>\nDespite the challenges, the Chief Minister expressed optimism about recovery.<br \/>\n\u201cI won\u2019t say we are at our lowest right now, but we came pretty close to that earlier this year. The direction is positive, but it will take a lot of time and effort to bring this vehicle back on track,\u201d he said.<br \/>\nHe added that the summer season was \u201centirely lost\u201d and even autumn hadn\u2019t met expectations.<br \/>\n\u201cWe were hoping for strong tourism growth, particularly from West Bengal, but that didn\u2019t materialize. Now we are looking forward to a decent winter. If we get good snowfall, we can hopefully rebuild our tourism around it,\u201d he said.<br \/>\n\u201cContrary to popular belief, tourism is a much smaller part of J&amp;K\u2019s economy. The mainstay remains agriculture and horticulture, which support over 60\u201370 percent of our workforce and contribute the most to our GDP,\u201d he said.<\/p>\n<p>On infrastructure development, the CM said projects such as the Katra Expressway and the four-laning of the National Highway would open new opportunities in logistics and connectivity, strengthening J&amp;K\u2019s economic position.<br \/>\nHe said that the agriculture sector in J&amp;K holds immense potential and requires focused attention towards value addition to unlock the full gamut of business opportunities across J&amp;K.<br \/>\nHighlighting the immense potential of the agriculture sector, the Chief Minister said that most of the produce from Jammu and Kashmir leaves the region in its raw form, with very little processing or value addition being done locally.<br \/>\n\u201cThis opens significant opportunities for industrial growth, both on Jammu side and Kashmir\u2019s side,\u201d he stated.<br \/>\nThe meeting was attended by FICCI President Harsh Vardhan Agarwal, Senior Vice President Anant Goenka, Director General FICCI Jyoti Vij, Past President Dr. Jyotsna Suri, Chairman FICCI J&amp;K Council Mushtaq A. Burza, and members of the National Executive Council.<br \/>\nCiting the dairy sector as an example, Omar said that only about 4\u20135 percent of the J&amp;K\u2019s dairy production is processed within J&amp;K, while the rest goes unprocessed into the market.<br \/>\nHe urged industry leaders to explore these areas for investment and growth.<br \/>\nThe Chief Minister informed that the Government is simultaneously engaging with domestic and international tourism partners to attract visitors and revive the sector.<br \/>\nReiterating the Government\u2019s commitment to improving the ease of doing business, the Chief Minister invited FICCI\u2019s inputs on policy reforms to make J&amp;K more investor-friendly.<br \/>\nHe also called upon the corporate sector to support Jammu and Kashmir through Corporate Social Responsibility (CSR) in youth-centric areas such as sports infrastructure, libraries and skill upgradation.<br \/>\nOmar urged companies to partner with the Government in upgrading Industrial Training Institutes (ITIs) and skill centres to create an employable local workforce.<\/p>\n<figure id=\"attachment_33603\" aria-describedby=\"caption-attachment-33603\" style=\"width: 300px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-33603\" src=\"https:\/\/jammubulletin.com\/site\/wp-content\/uploads\/2025\/10\/page3-2-10-300x133.jpg\" alt=\"J&amp;K to face shortfall of Rs 1000 cr in GST revenue: Omar\" width=\"300\" height=\"133\" srcset=\"https:\/\/jammubulletin.com\/site\/wp-content\/uploads\/2025\/10\/page3-2-10-300x133.jpg 300w, https:\/\/jammubulletin.com\/site\/wp-content\/uploads\/2025\/10\/page3-2-10-768x340.jpg 768w, https:\/\/jammubulletin.com\/site\/wp-content\/uploads\/2025\/10\/page3-2-10-549x243.jpg 549w, https:\/\/jammubulletin.com\/site\/wp-content\/uploads\/2025\/10\/page3-2-10-470x208.jpg 470w, https:\/\/jammubulletin.com\/site\/wp-content\/uploads\/2025\/10\/page3-2-10-233x103.jpg 233w, https:\/\/jammubulletin.com\/site\/wp-content\/uploads\/2025\/10\/page3-2-10-230x102.jpg 230w, https:\/\/jammubulletin.com\/site\/wp-content\/uploads\/2025\/10\/page3-2-10-360x159.jpg 360w, https:\/\/jammubulletin.com\/site\/wp-content\/uploads\/2025\/10\/page3-2-10-100x44.jpg 100w, https:\/\/jammubulletin.com\/site\/wp-content\/uploads\/2025\/10\/page3-2-10.jpg 800w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><figcaption id=\"caption-attachment-33603\" class=\"wp-caption-text\">J&amp;K to face shortfall of Rs 1000 cr in GST revenue: Omar<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Srinagar, Oct 14: Chief Minister Omar Abdullah today said J&amp;K may face a shortfall of nearly Rs 1,000 crore in Goods and Services Tax (GST) revenue this year, stressing that the dip would further strain Jammu and Kashmir\u2019s already deficit financial position. Speaking at the National Executive Committee meeting of FICCI here, Omar said the [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":33603,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[67,15,89],"tags":[],"class_list":["post-33602","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-header","category-jammu-and-kashmir","category-national"],"gutentor_comment":0,"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>J&amp;K to face shortfall of Rs 1000 cr in GST revenue: Omar<\/title>\n<meta name=\"description\" content=\"Chief Minister Omar Abdullah today said J&amp;K may face a shortfall of nearly Rs 1,000 crore in 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