The AJK Excise & Sales Tax, Department has successfully achieved Rs 694 million target of realisation of taxes with an additional increase of Rs 89.287 million fixed for the current financial year of 2005-06 by realising a total of Rs 725.454 million till May 31, through collection of the levies in different forms of excise, sales and government taxes a month before ending of fiscal year, official sources said.
Disclosing this, Collector Excise and Sales Tax Azad Jammu Kashmir, Muhammad Asif Abbasi told APP here on Wednesday that the E&ST department had achieved the target successfully but through hectic efforts to meet the shortfall of a total of Rs 358 million caused due to devastating October earthquake besides the withdrawal of general sales tax from the textile sector and the education cess etc.
Abbasi said that the AJK government had set the target of the taxes of Rs 942.200 million in form of excise, sales and the government taxes in AJK for the new fiscal year of 2006-2007.
He continued that his organisation realised the revenue of Rs725.454 million against the given target of Rs 694 million with the record increase of Rs 89.287 million a month for ending of the current financial year 2005-06 for realisation of the levies related to central excise, sales and AJK government taxes.
This is 14.035 percent increase in the stipulated target a month before ending of the current fiscal year 2005-06, he added.
Elaborating the drive for timely realisation of levies, the Collector said that the AJK government gave the taxes target of Rs 694 million for the current fiscal year 2005-06, which was achieved despite the short fall of Rs358 million caused due to the loss of the timber sector belonging to AJK Forests and Logging & Sawmills departments due to deadly earthquake of last year, withdrawal of sales tax from textile sector and the education cess.
"This shortfall included Rs 132 million caused due to the loss of timber of forests and AKLASC, Rs 136 million following withdrawal of GST from textile sector and the shortfall of Rs 90 million suffered by the education cess due to shortfall of income tax from banking sector.
The collector said hectic campaign was underway for realisation of maximum volume of excise, sales and AJK government taxes by the departure of the current fiscal year 2005-06 on June 30 and another Rs 40 million are expected to be collected by the end of existing fiscal year, he added.
"Thus the amount of taxes is expected to reach to the tune of Rs 765.077 million by June 30, 2006 with a jump of an additional increase of a total of Rs 71 million against the set target of Rs 694 million for the current financial year", Asif Abbasi said.
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