JK Realized Highest VAT Revenue in India: Rather
Rising Kashmir News
Jammu: Jammu and Kashmir’s VAT revenue has increased to about 41 per cent which is the highest in India,said Minister for Finance and Ladakh Affairs, Abdul Rahim Rather said here Monday.
“The State Finance department is continuously reviewing its fiscal updates by virtue of which the State’s VAT has increased to about 41 per cent which is highest in the country. This year the total tax revenue has touched a high of Rs. 4800 cr as compared to Rs. 3400 cr during last year,” said Rather.
He was addressing a gathering of chartered accountants at the foundation stone laying ceremony of a building for Jammu and Kashmir branch of Institute of Chattered Accounts of India (ICAI).
Eulogizing the contribution of Chartered Accounts in banking, corporate financial management and tax administration, Rather said their professional advice and expert role in formulation of policies, legislation and standardization and improvements in accounting practices are indispensible for governance in these areas.
Rather said J&K is regular beneficiary of the contribution of Chartered Accountants in updating of audited balance sheets of its public sector undertaking (PSUs) and their help in our VAT administration.
He added that the much needed facility of a building for the Institute of Chartered Accounts of India at Jammu will prove beneficial for the local youth to venture in the field of Chartered Accountancy and updating the knowledge and the acumen of its members.
He said accountancy in a fast changing global business environment is a tough professional challenge and imparting of skills especially relevant for international trade, WTO, GATT etc are not only beneficial for the professionals themselves but also essential for promotion of our International trade and Commerce.
Besides, Economic Advisor to J&K Government, Jalil Ahmad Khan, who was Guest of the Honour, Vice President ICIA, CA. Subodh K. Agrawal Chairman, NIRC, CA. Rajesh Sharma, Convener land and Building Committee, CA. R. K Gupta and Chairman, J&K Branch of ICAI, CA. Ajay Sawhney were also present on the occasion.
Extending best wishes to the ICAI and NIRC, the 2nd largest accounting body in the World, in seeing much greater heights in their profession, which he described sacred and credible profession, the Minister also wished the J&K Brach of prosperous and fulfilling future so that promising locals who want to update their knowledge could be benefited by this facility at their door-steps.
Rather said the Chartered Accountants Act 1949 is among the most self contained and compact pieces of legislation aimed at self regulating the profession of the Chartered Accountants of India in a professional manner.
“It is hard to conceive as to how our nascent economy would have otherwise grown into a world giant of today.”
J. A. Khan highlighted the role of Chartered Accountants in securing public interests as well as in economic welfare, by way of watching and auditing the accounts and updating balance sheets in PSUs.
He said their expertise could also be utilized in the State Government’s ongoing initiatives towards re-structuring of its PSUs to make these profitable.
Vice President of the ICAI and Chairman NIRC of ICAI assured full financial assistance for construction of the State-of-Art building for Chartered Accountant’s fraternity at Jammu.
They said the ICAI has by now developed 122 branches all over the country with an overseas presence as well adding that the membership of the institute has reached to 1.9 lakh with 10 lakh students presently enrolled by the institute.