Direct tax collections by Large Taxpayers Unit (LTU), Karachi witnessed 17 percent growth in July-February period of current fiscal year, as compared to the collections made in the corresponding period last year. According to the statistics made available to Business Recorder on Monday.
The LTU Karachi collected Rs 71.038 billion on account of direct tax during July to February, as compared to Rs 55.921 billion collected in corresponding period of last year. The collections of the LTU increased by Rs 15.11 billion during the period, as compared to corresponding period of last year.
The statistics showed that the LTU Karachi had refunded Rs 15.537 billion during July to February, depicting 81 percent increase as compared to Rs 8.56billion refunded in corresponding period of last fiscal year. The department collected Rs 61.504 billion on account of sales tax against the target of Rs 59.374 billion.
Similarly, around Rs 27.84 billion FED was collected during the period against the target of Rs 27.10 billion. The statistics showed that about 58 percent growth was witnessed in collections made through current demand, as Rs 14.85 billion were collected against Rs 9.40 billion collections in corresponding period of last year. Moreover, around Rs 7.20 billion were collected on account of arrears demand, depicting 77 percent growth, as compared to last period's collections of Rs 4.06 billion.
The statistics said the department posted 19.4 percent growth in advance tax payment during the period in question and collected Rs 42.12 billion against the last corresponding period's collections of Rs 35.27 billion. The revenue collections through returns have declined by some 52 percent, as Rs 1.92 billion were collected as compared to Rs 4.03 billion collected in corresponding period of last year.
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