Sindh Excise and Taxation (E&T) Department has surpassed the set target of Rs 809.8 million during the first month of current financial year 2007-08 under different heads of duties and taxes.
Muhammad Asif Marghob Siddiqi, Director General E&T told Business Recorder here on Tuesday that E&T department had not only achieved the set target but also exceeded the same. Revenue target of Rs 9717.9 million has been allocated to E&T department during the fiscal year 2007-08 under the heads of Motor Vehicle Tax, Excise Duty, Infrastructure Cess, Cotton Fee, Professional Tax and Hotel Tax.
As per available record, the amount collected during the month of July 2007 is Rs 818.7 million, which is Rs 8.969 million, or 1 percent above than the set target. The amount collected included Motor Vehicle Tax Rs 254.889 million, Excise Duty Rs 124.806 million, Infrastructure Cess Rs 395.2 million, Professional Tax Rs 33.683 million, Hotel Tax Rs 10.044 million and Cotton Fee Rs 0.141 million.
Mr Asif said that an amount of Rs 111.364 million has been deposited in the shape of Bank Guarantee under the head of Infrastructure Cess during the month of July 2007. If the department had collected this amount, the actual collection would have been Rs 930.161 million, he added.
It may be pointed out that actual amount collected during the month of July 2007 is Rs 114.110 million more than the amount collected during the corresponding period of July 2006.
The performance shows that Excise and Taxation department is on its way to achieve the revenue target fixed by the government under different heads of duties and taxes, Asif Marghob said. During the financial year 2006-07, E&T too collected an amount of Rs 8661.363 million as against the set revenue target of Rs 8105.939 million.
E&T department is also responsible for collection of Property Tax and Entertainment Duty, which have been devolved to local governments. During the July 2007, an amount of Rs 290.742 million was collected under the head of Property Tax as against an amount of Rs 259.38 million collected during the corresponding period of July 2006-07 showing an increase of Rs 31.304 million than the previous collection of the same period.
Similarly an amount of Rs 3.130 million was collected under the head of Entertainment Duty as against an amount of Rs 1.854 million collected during the corresponding period of the previous year. Director General E&T hoped that department would utilise its full potential and capabilities to meet the revenue targets fixed by the government under various taxes and duties.