KARACHI: Federal Board of Revenue is going to suffer a loss of millions of rupees in share of sales tax (ST) by the end of fiscal year 2013-14.
Sources informed Customs Today that FBR may experience the loss of Rs 321 million due to the shortfall in recovery of sales tax in the current fiscal year 2013-14.
Commenting on the cause of revenue shortfall in share of Sales Tax, the sources told this scribe that FBR was facing shortage of recovery in Sales Tax due to the absence of proper tabulation in Duty/Taxes Remission on Exports (DTRE), Appendix-I form in last three years from 2011 to 2014.
They further revealed that the Collectorates have held several meetings in this regard and formulated a strategy in order to recover millions of rupees in share of Sales Tax by raising demand notices to different exporters.
It informed this scribe that the high authorities of FBR have issued clear directives to the officers concerned of Pakistan Customs and Inland Revenue Services (IRS) to reduce the difference by the end of FY 2013-14, so that the revenue collection could be raised.