Sindh Excise and Taxation (E&T) Department has surpassed the set target of Rs 1597.133 during the second month of current financial year 2007-08 under different heads of duties and taxes.
Director General E&T Sindh Muhammad Asif Marghoob Siddiqui told Business Recorder here on Friday that E&T department had not only achieved the set target but also exceeded the same. A revenue target of Rs 9717.9 million had 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 figures, amount collected during the month of August 2007 is Rs 1631.758 million, which is Rs 34.519 million or 2 percent above the given target of Rs 1597.133 million.
According to break up of amount collected include Motor Vehicle Tax Rs 419.933 million, Excise Duty Rs 271.477 million, Infrastructure Cess Rs 846.833 million, Professional Tax Rs 67.146 million, Hotel Tax Rs 23.554 million and Cotton Fee Rs 2.815 million.
Asif Siddiqui said that an amount of Rs 218.305 million had also been deposited in the shape of bank guarantees under the head of Infrastructure Cess, which was not included in the actual collection of August 2007. Had this amount been collected by the department the actual collection would have been Rs 1850.063 million.
It is also pertinent to mention that actual amount collected up to the month of August is Rs 204.985 million more than the amount collected during corresponding period of financial year 2006-07. The performance shows that Excise and Taxation department is on its way to achieve revenue target fixed by the government under the different heads of duties and taxes, Asif viewed.
Excise and Taxation department is also responsible for collection of Property Tax and Entertainment Duty, which have been devolved to local governments. In August 2007, an amount of Rs 465.414 million was collected under the head of Property Tax as against an amount of Rs 433.339 million collected during the corresponding period of financial year 2006-07 which is Rs 32.075 million more than the previous collection.
Similarly an amount of Rs 5.237 million was collected under the head of Entertainment Duty as against an amount of Rs 3.310 million collected during the corresponding period of the previous year. Director General E&T department hoped that department would utilise its full potential and capabilities to meet the revenue targets fixed by the government.