Srinagar, Oct 14: The revision in GST rates is expected to reduce the tax collection of Jammu and Kashmir by up to Rs 1,000 crore this fiscal, Chief Minister Omar Abdullah said here on Tuesday.
Abdullah, addressing the national executive meeting of FICCI here, also said that the fallout of the Pahalgam terror attack, which was a setback to the image of Jammu and Kashmir, along with heavy rains during the summer of 2025, has severely affected the economy of the Union Territory.
“The revision of GST rates alone will reduce our earnings by Rs 900 to Rs 1000 crore, and for a state like Jammu and Kashmir, which is already in deficit, it is a lot of money,” he said.
The chief minister said the torrential rains across Jammu and Kashmir from July to September have severely affected the agriculture and horticulture sectors of the union territory.
