Srinagar, Feb 05 : Jammu and Kashmir has realised Rs 13,521 crore in revenue during the current financial year 2025-26 till November, accounting for about 64 per cent of the Rs 21,121 crore collected in FY 2024-25, according to official data.
The contribution of non-tax revenue to total own resources increased from 29 per cent in FY 2021-22 to 33 per cent in FY 2024-25, largely due to a sharp rise in the share of power tariff, which grew from 56 per cent to 71 per cent during the same period. In FY 2025-26 up to November, the contribution of non-tax revenue stood at 32.43 per cent.
Average monthly revenue growth stood at 5.7 per cent in FY23, 16.3 per cent in FY24, and 3.9 per cent in FY25. Officials expect revenue growth to improve by the end of FY26, as a significant portion of collections is typically realised in the last quarter.
During the first eight months of FY26, tax revenue of Rs 9,136 crore was realised, which is 64.12 per cent of the Rs 14,249 crore collected in FY25.
GST accounted for 58.88 per cent of tax revenue during the period. Non-tax revenue stood at Rs 4,386 crore, or 63.82 per cent of the Rs 6,872 crore realised in FY25.
Between FY22 and FY25, the highest increase in revenue was recorded in taxes on power, which rose by 80.71 per cent from Rs 2,716 crore to Rs 4,908 crore, followed by a 34.28 per cent increase in GST collections and a 27.42 per cent rise in excise revenue.
However, collections from land revenue, sales tax, motor spirit tax, vehicle tax, duties and other taxes declined by 10.44 per cent.
Revenue expenditure during the first eight months of FY26 stood at Rs 45,157 crore, about 64 per cent of the Rs 70,472 crore spent in FY25.
Salary and pension payments accounted for over 52.42 per cent of revenue expenditure. Capital expenditure during the period was Rs 7,933 crore, or 42 per cent of the Rs 18,836 crore incurred in FY25.
In FY 2024-25, public debt constituted about 69 per cent of J&K’s total liabilities, with internal debt accounting for 68 per cent, while Government of India loans formed just 0.4 per cent, indicating a shift towards market-based borrowing.
The share of the Provident Fund declined to 19 per cent, reflecting changes in debt composition over the past decade.
The UT’s FY26 budget of Rs 1,12,310 crore is lower than the Rs 1,18,390 crore budgeted in FY25. Central grants remain the largest source of funding, accounting for 56–66 per cent of total resources, while own revenue contributes 22–24 per cent and borrowings make up 10–19 per cent.
Officials said IT-enabled financial reforms, including BEAMS, GeM, e-Stamping, e-Abgari and public monitoring portals, have improved transparency and execution, with completed projects rising to 69,285 in FY25 and 11,821 works completed so far in FY26.(KNS).
