The revenue collections, made by Karachi Large Taxpayers Unit (LTU) on account of profit on debts from government securities under section 151 of Income Tax Ordinance (ITO) 2001, has shown 80 percent growth during ongoing fiscal year.
According to the provisional statistic made available to Business Recorder on Saturday, the tax department has collected Rs 152.100 million on account of profit on debts from government securities during FY 2010-11 against the collection of Rs 84.55 million made in the corresponding period of last year.
It said that the collection made from scrips'' trading under section 233-A of ITO, 2001 stood at Rs 8.34 million, depicting some 18 percent growth against last fiscal period collection of Rs 7.09 million. Moreover, the department has accumulated Rs 85.59 million during July 2010 to August 2010 period against dividend income, which was collected at the rate of 10 percent under section 150 of ITO, 2001, showing some 26 percent decline as compared to last fiscal period collection.
The statistic further showed that Karachi LTU has collected Rs 127.43 million on account of direct taxes during FY 2010-11, surpassing its budgetary target by 2 percent. The department collected Rs 1.255 billion from the sales of edible oil, rice, cotton, seed and other goods and services under section 153 of ITO, 2001 during current fiscal year, portraying 132 percent growth as compared to the collection of Rs 540.69 million made in corresponding period of last fiscal year.
Moreover around Rs 12.76 million was collected under the heads of non resident royalty/fee for technical services, non resident contractors and other payments to the non resident companies, depicting 488 percent growth comparatively to the last fiscal period collection of Rs 2.17 million.
The phenomenal growth was witnessed in some heads; 149 percent in rentals, 475 percent in other commission, 33 percent in indenting commission in foreign exchange, 158 percent in out of current demand and 3564 percent in returns. However, the negative trend could also be seen in some other accounts including out of demand and arrears demand.
It further said the department has issued Rs 6.006 billion refunds during ongoing fiscal year, depicting 362 percent growth as compared to Rs 1.301 billion issued in last fiscal period. The statistic said the Karachi LTU has collected Rs 47.044 billion under the head of sales tax as against Rs 62.311 billion, showing 24.5 percent decline during current fiscal period. Similarly, the collection made on account of federal excise was also declined by 5.24 billion as Rs 7.934 billion was collected as against Rs 13.179 billion collected during corresponding period of last fiscal year.
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