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| Finance Minister convenes review meeting on fiscal position, revenue performance, financial reforms | | | Early Times Report
JAMMU, Nov 3: Minister for Finance, Agriculture Production, Mining and Cooperative Departments Javid Ahmad Dar, today chaired introductory cum review meeting on the fiscal position, revenue performance, expenditure management and ongoing financial reforms in the Union Territory of Jammu and Kashmir.
Additional Chief Secretary (ACS), Finance, Shailendra Kumar, Director General, Accounts & Treasuries, Director General ,Resources, Director General Codes, Joint Director Codes, Deputy Director, Resources and other concerned officers were present in the meeting.
The meeting undertook a detailed review of the overall financial position of the Union Territory with emphasis on revenue mobilisation, strengthening of own-resource generation, efficient financial management, expenditure monitoring, debt management, digitalisation of financial systems and implementation of key reform initiatives.
The Finance Minister took note of the positive growth in Jammu and Kashmir's own revenue collection, which has reached ?13,628 crore up to October 2026, registering an increase of 14.8 per cent over the corresponding period of the previous year. The tax revenue has recorded growth of 15.2 per cent while non-tax revenue has increased by 13 per cent, reflecting sustained improvement in revenue mobilisation. Overall, the own revenues increased by around ?1,751 crore upto ending October, 2026.
The meeting also noticed the significant improvement in GST collections, with GST contributing substantially to the overall increase in revenue. Revenue augmentation measures, including improved GST return compliance, enhanced billing efficiency, increased dealer registration, e-stamping and transparent excise auctions, were appreciated as important initiatives towards strengthening the revenue base.
The meeting also reviewed initiatives for creating new sources of non-tax revenue, including the proposed Carbon Credit Trading Policy, which seeks to leverage Jammu & Kashmir's hydropower, forestry and clean-energy assets and is expected to generate an additional revenue stream.
Javid Dar appreciated various financial reforms undertaken by the Finance Department for improving the financial efficiency and optimising the cost of public borrowing. He lauded the positive impact of power-sector reforms, which are expected to improve the revenue realisation and generate savings in power-related expenditure. The initiatives undertaken for timely settlement of liabilities and improvement in financial liquidity with settlement of GPF claims and contractor liabilities within 10 days, facilitating faster payments and supporting economic activity were appreciated by the Minister.
The meeting took note of the accelerated processing and release of funds under Centrally Sponsored Schemes, with Mother Sanctions and the corresponding UT share being released within 48 hours, thereby facilitating timely implementation of development programmes.
Javid Dar assessed the progress on the ongoing digital transformation of financial management in Jammu and Kashmir for implementation of IFMIS 3.0 and Works Activity Monitoring System (WAMS. He directed the officers to reduce avoidable recurring expenditure, control committed liabilities and improve the quality of public spending. He stressed on the need to strengthen own tax and non-tax revenue, plug leakages and improve collection efficiency across departments.
The Minister emphasised for continued and sustained efforts of the Finance Department for effective implementation of financial reforms and ensuring greater efficiency, transparency and accountability in public financial management. He stressed the need to sustain the positive momentum in revenue mobilisation, strengthen digital financial systems, improve expenditure management and ensure timely utilisation of resources for developmental priorities. |
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