The Federal Board of Revenue (FBR) has provisionally collected Rs 2,518.7 billion during July-April (2016-17) against Rs 2,332.1 billion in the same period of 2015-16, reflecting a growth of 8.0 percent. According to the Economic Survey (2016-17) issued here on Thursday, the net sales tax collection during July-April (2016-17) has witnessed a nominal growth of 0.8 percent.
During period of July-April (2016-17), the gross and net collections of indirect taxes have witnessed growth of 6.0 percent & 6.6 percent respectively. It has accounted for around 61 percent of the total FBR tax revenues. Within indirect taxes, net collection of sales tax increased by 0.8 percent. The gross and net sales tax collection during July-April 2016-17 has been Rs 1,034.9 billion and Rs 1,009.1 billion respectively. In fact, around 55 percent of total sales tax was contributed by sales tax on import during July-April (2016-17) while the rest was contributed by domestic sector. Within domestic sales tax collection, the major contribution came from POL products, fertilisers, natural gas, cement, other services, electrical energy, beverages, cigarettes, tea, sugar, iron & steel etc. On the other hand, POL products, plastic, edible oil, vehicles, machinery, chemicals, oilseeds etc. contributed significantly to the collection of sales tax from imports.
It said that the custom duty collection has registered growth of 24.5 percent and 24.9 percent in both gross and net terms respectively. The net collection has increased from Rs 309.5 billion during July April, FY2016 to Rs 386.6 billion during July April, FY2017. The major revenue spinners of custom duty have been automobiles, edible oil, petroleum products, machinery, plastic, iron and steel, paper and paperboard etc. The collection of Federal Excise Duties (FED) during July-April, 2016-17 has recorded 8.0 percent growth. The net collection stood at Rs 144.0 billion during July-April, FY2017 as against Rs 133.4 billion during the same period last year. The major revenue spinners of FED are cigarettes, cement, beverages, natural gas, international travel etc.
During July-April (2016-17) FBR has been able to collect around Rs 2,518.7 billion as provisional tax revenues against Rs 2,332.1 billion in the same period of 2015-2016, thus reflecting a growth of 8.0 percent. Direct Taxes According to the tax-wise detail, the net collection of direct taxes has registered a growth of 10.2 percent during the first ten months of 2016-2017. The net collection has gone up from Rs 888.0 billion during July April, 2015-16 to Rs 978.9 billion in the same period of 2016-17. Bulk of direct taxes is realized from income tax and major contributors of income tax are withholding tax, voluntary payments & collection on demand, the Economic Survey added.
Comments
Comments are closed.