The taxation measures taken in last December including imposition of regulatory duties (RDs) and additional raise in customs tariff by one percent enabled the Federal Board of Revenue (FBR) to show growth of 33.2 percent in customs duty collection in July-March 2015-16.
Break-up of provisional revenue collection data (July-March 18, 2015-16) updated here on Saturday revealed that the customs duty collection stood at Rs 257.329 billion during July-March 2015-16 against Rs 193.191 billion during corresponding period of last fiscal year, reflecting a growth of 33.2 percent. In the month of March, the collection showed a growth of 34.3 percent during first 18 days of the month due to the said factors.
Sources said that the raise in import duty subsequently results in increase in sales tax and WHT at import stage. The sales tax and withholding tax on import has been calculated on the basis of customs value of imported goods. Resultantly, the increase in import duty has also impact on other taxes collected at import stage. Since the sales tax/ Federal Excise Duty and income tax (WHT) is calculated on cost and freight (C&F) value of imports as increased by CD and RD, therefore, imposition of RD on impost has sizeably increased the collection of sales tax and IT as well.
Data further revealed that the FBR has provisionally collected Rs 1923.63 billion during July-March of 2015-16 against Rs 1633.009 billion during corresponding period of last fiscal year, reflecting a growth of 17.8 percent. Break-up showed that the collection of domestic taxes (direct taxes, sales tax and Federal Excise Duty) amounted to Rs 1665.934 billion during first nine months of 2015-16 against Rs 143.819 billion in same period last fiscal, showing an improvement of 15.7 percent.
Direct taxes collection stood at Rs 710.980 billion during the period under review against Rs 623.723 billion in the same period last fiscal year, reflecting a growth of 14 percent.
Sales tax collection amounted to Rs 846.725 billion during July-March 2015-16 against Rs 716.833 billion during same period of 2014-15, showing a growth of 18.1 percent.
Sales tax collection at the import stage was Rs 450.038 billion during the period under review against Rs 378.079 billion in July-March 2014-15, showing an increase of 19 percent.
Sales tax collection on local supplies (domestic stage) was Rs 396.688 billion during July-March 2015-16 against Rs 338.753 billion in same period 2014-15, depicting an increase of 17.1percent.
The collection of Federal Excise Duty (FED) amounted to Rs 108.228 billion during this period against Rs 99.263 billion in same period of last fiscal, depicting a growth of 9 percent.
The FBR has paid refunds and rebate of Rs 58.23 billion during July-March 2015-16 against Rs 75.497 billion in same period of last fiscal year, showing a decrease of 23 percent. During the month of March 2015, the FBR has provisionally collected Rs 121.182 billion against Rs 94.947 billion, showing an increase of 27.6 percent. These are merely provisional figures for the first 18 days of March, sources added.
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