Large Taxpayers Unit (LTU), Karachi, has witnessed 9 percent growth in direct taxes during current fiscal period as compared to the corresponding period last year. According to the provincial statistics made available to Daily Business Recorder on Wednesday, LTU Karachi has collected Rs 62.83 billion in direct taxes during July to January as compared to Rs 52.06 billion collection made in the corresponding period last year.
The tax collecting arm has surpassed previous year's collection by Rs 10.77billion, which is a positive stroke for economical growth of the country, besides paving the way to achieve annual revenue target. The statistics further said that the LTU Karachi had refunded Rs 15.031 billion during July to January, depicting 83 per cent increase during ongoing fiscal period.
It said that the department has collected Rs 52.20 billion on account of sales tax against the target of Rs 50.50 billion. Similarly, around Rs 76.91 billion FED was collected during current fiscal period, showing some 3.8 per cent growth against the target of Rs 74.09 billion.
It further said that about 23 per cent growth was witnessed in the collection made by raising current demand since Rs 10.31 billion was collected against Rs 8.36 billion in the corresponding period of last year. Moreover, it said that around Rs 7.20 billion was collected on account of arrears due, depicting 77 per cent growth comparative to the last similar period collection of Rs 4.05 billion.
It said the department has witnessed 17.8 per cent growth in advance tax payment during current fiscal period and has collected Rs 39.08 billion against Rs 33.19 billion during corresponding period last year. The revenue collection through returns filer has shown some 50 per cent negative growth as Rs 1.92 billion was collected as compared to previous corresponding collection of Rs 3.83 billion.