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Sales taxes collection up 22.8pc in 1st half of FY13-14

Sales taxes collection up 22.8pc in 1st half of FY13-14

ISLAMABAD: The collection of all federal taxes, especially the Sales Tax, has recorded a substantial growth in the first half of current fiscal year. The Sales Tax collection with a 22.8 percent growth stood at Rs481.682 billion during July-December 2013-14 against Rs392.155 billion during the corresponding period of the previous year.

The relevant revenue figures show that all the federal taxes except customs duty have shown a substantial growth during the period in question.

During this period, the Customs duty collection showed w nominal increase of 2.5 percent. According to details, of the total collected amount in the head of Sales tax, Rs246.68 billion was collected on imports during first half of current fiscal year as compared to Rs209.744 billion in the same period of 2012-13, at domestic stage Rs235.002 billion against Rs182.411 billion in the same period last fiscal, showing a growth of 28.8 percent. Similarly, direct taxes collection was Rs375.472 billion with 11.2 percent growth during the first six months of 2013-14 against Rs337.523 billion in the same period of the last fiscal year.

Meanwhile, the collection Federal Excise Duty (FED) also recorded a growth of 10.2 percent with the total amount of Rs57.231 billion during July-December 2013-14 against Rs 51.918 billion last year. While customs duty collection remained Rs110.088 billion against Rs107.378 billion in the same period of last fiscal, posting a nominal growth of 2.5 percent.

On the other hand, payment in the head of refunds and rebates regimes stood at Rs49.06 billion during July-December period against Rs44.623 billion paid in the last fiscal year, growing by 9.9 percent. The data depict that total collection of domestic taxes (sales tax, FED and customs) amounted to Rs914.384 billion during first half of the current fiscal year against Rs781.597 billion, recording an increase of 17 percent. Out of total Rs1,024 billion revenue collected during July-December 2013-14, domestic sales tax collection stood at Rs914.384.

Similarly the figure of December 2013 which is Rs224.597 billion against Rs203.124 billion, shows an increase of 10.6 percent. Break-up of revenue collection showed that direct taxes collection was Rs104.486 billion against Rs105.022 billion, declining by 0.5 percent. Sales tax collection was Rs86.721 billion against Rs68.98 billion, showing an increase of 25.7 percent. The FED collection was Rs10.896 billion against Rs8.894 billion, reflecting an increase of 22.5 percent. The collection of customs duty was Rs22.493 billion during this period against Rs20.229 billion, showing an increase of 11.2 percent, whereas payment of customs rebate showed a decrease of 34 percent in December 2013.