The total tax revenue collected by the state has touched a high of Rs 4,800 crore this year, Jammu and Kashmir Minister for Finance and Ladakh Affairs Abdul Rahim Rather said today.

"This year, the total tax revenue has touched a high of Rs 4,800 crore compared to Rs 3,400 crore during last year," Rather said.

The state's finance department is continuously and comprehensively 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, he added.

At the foundation stone laying ceremony of the branch of the Institute of Chattered Accounts of India's (ICAI), Rather said, "Chartered accountant's professional advice and expert role in formulation of policies, legislation and standardisation and improvements in accounting practices are indispensable for governance..."

The ICAI branch here shall prove beneficial for the local youth to venture in the field of Chartered Accountancy and update their knowledge and the acumen of its members, he said. (Economic Times)