ISLAMABAD: The collection of indirect tax has increased by 95 billion in the first half of the current fiscal year against Rs50 billion in the corresponding period last year.
As per reports of the Finance Ministry, there has been a drastic surge in revenue collection through taxes on goods and services during the first half of the current fiscal year when compared to the corresponding period last year.
Tax collection of Rs541 billion on goods and services during July-December 2013 rose by Rs95 billion against Rs446 billion in last fiscal year.
Sales tax collection on goods and services of Rs481 billion in the current fiscal year rose by Rs89 billion from Rs392 billion last year. The revenue collection from excise duty after a marginal increase of Rs7 billion stood at Rs60 billion in the current fiscal year as compared to Rs53 billion the previous year.
The revenue collection through direct taxes increased from Rs331 billion during the first six months of last fiscal year to Rs381 billion, showing an increase of Rs50 billion – one third that of witnessed in the rise in indirect tax collections.
Additionally, the government revenue through mark-up on Public Sector Enterprises (PSEs) and others increased to Rs58.448 billion during the period under review from Rs4.467 billion a year ago. Dividend increased to Rs28 billion from Rs21 billion during the same period of last fiscal year. An official said that around 80 percent projected non-tax revenue, excluding sale of 3G licenses and Coalition Support Fund (CSF), materialised during the first six months.
The total non-tax revenue collection was projected at Rs812 billion and Rs636 billion if Rs120 billion estimated on account of 3G licenses and $600 million disbursement by the US under the CSF were excluded. Thus non-tax revenue receipt of Rs512 billion amounts to 80 percent of the budgeted amount for the current fiscal year and has helped contain fiscal deficit to 2.1 percent.