The net sales tax collection on domestic consumption has shown a major decrease of 31.2 percent during August 2011 as total sales tax collection from domestic commodities, supplies and other local stages amounted to Rs 17.746 billion during August 2011 against Rs 25.803 billion in the same period of last fiscal, showing a decrease of Rs 8.057 billion.
Sources told Business Recorder here on Monday that the revenue collection chart for August 2011 reflected a major shortfall of 20.2 percent in collection of the federal excise duty during the period under review. The decrease in sales tax collection (domestic) and the FED has been reflected in the net revenue collection chart compiled on August 29, 2011.
The net revenue collection of the Federal Board of Revenue (FBR) during 29 days of August 2011 stood at Rs 88.748 billion, against Rs 83.746 billion in the corresponding period of last fiscal year, reflecting an increase of 6 percent. Sources stated that the FBR has compiled revenue collection figure up to August 29, 2011. So far, the FBR has provisionally collected Rs 88.748 billion during the month of August (up to August 29). Break-up of revenue collection showed that the collection of domestic taxes ie direct taxes, sales tax and federal excise duty (FED) stood at Rs 76.280 billion during 29 days of August 2011 against Rs 73.659 billion in the corresponding period of last fiscal, reflecting an increase of 3.6 percent.
Tax-wise revenue collection showed that direct taxes collection amounted to Rs 24.949 billion during the period under review against Rs 20.842 billion in the same period of last fiscal year, reflecting an increase of 19.7 percent. Out of total direct taxes collection, the FBR collected Rs 5.11 billion as withholding tax during this period against Rs 3.53 billion in the same period of last fiscal year.
The net sales tax collection during August 2011 stood at Rs 44.364 billion during August 2011 against Rs 44.084 billion in the corresponding period of last fiscal year, reflecting a nominal increase of 0.6 percent. The FBR data showed that sales tax collection on import stage stood at Rs 26.618 billion during August against Rs 18.281 billion in the corresponding period of last fiscal year, showing an improvement of 45.6 percent. The sales tax collection on domestic consumption was Rs 17.746 billion against Rs 25.803 billion during the same period of last fiscal year, reflecting a decrease of 31.2 percent.
The collection of the federal excise duty (FED) was Rs 6.967 billion against Rs 8.732 billion, showing a decrease of 20.2 percent. The FED collection at the import stage was Rs 784 million during this period against Rs 1.153 billion, showing a decrease of 32 percent. The FED collection on domestic consumption was Rs 6.183 billion during August 2011 against Rs 7.579 billion, reflecting a decrease of 18.4 percent. The collection of customs duty was approximately Rs 12.468 billion during August 2011 against Rs 10.087 billion, reflecting an increase of 23.6 percent.
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