The Large Taxpayers Unit (LTU), Karachi, has witnessed 15 percent growth in direct taxes during the current fiscal year period as compared to last year's corresponding period. According to the statistics available with Business Recorder, the LTU Karachi collected Rs 82.366 billion on account of direct taxes during July to March period as compared to Rs 66.245 billion of last year's corresponding period.
The increase of Rs 16.121 billion is a positive stroke for economical growth of the country. The LTU Karachi refunded Rs 16.32 billion during July to February, depicting 82 percent increase as compared to Rs 8.94 billion refunded in last fiscal year.
The department collected Rs 69.355 billion on account of sales tax against the target of Rs 68.121 billion. Rs 31.387 billion FED was collected during this period against the target of Rs 31.259 billion. According to the statistics, about 57percent growth was witnessed in collection made by raising current demand as Rs 18.80 billion was collected against the last corresponding period collection of Rs 11.995 billion.
Around Rs 7.374 billion was collected on account of arrears demand, depicting 80 percent growth comparatively to last period collection of Rs 4.10 billion. The department witnessed 14.9 percent growth in advance tax payment with collection of Rs 48.913 billion against last year's Rs 42.561 billion. The revenue collection through returns declined by 52 percent as Rs 1.937 billion was collected as compared to last corresponding collection of Rs 4.046 billion.