LAHORE: The Punjab government has estimated to receive an amount of Rs 3683,103.227 million from Federal Divisible Pool in financial year 2024-25 as against revised estimates of Rs 2664,792.796 million in the year 2023-24.

As per budget document, Rs 1558434.521 million are estimated to be received from direct taxes in the next financial year out of which Rs 1553867.721 million will be from tax on income while Rs 4566.800 million are estimated from capital value tax on moveable assets.

From indirect taxes, Rs 2124668.706 million are expected in the next financial year as against revised estimates of Rs 1598972.108 million in the current fiscal. In the next financial year, Rs 434,548.774 million are expected from land custom, Rs 1416764.330 million from sales tax on import share of Net, Rs 272994.962 million from Federal Excise and Rs 360.640 million are expected from Federal Excise on Natural gas.

Punjab to present ‘tax-free’ budget today

According to budget document, Rs 471,911,000 million are estimated to be received through provincial Tax Revenue in the next fiscal year. Through direct taxes, Rs 58,927.500 million are expected while Rs 3500.000 million are expected from tax on income (agriculture), Rs 29118.500 million through property tax, Rs 24659.000 million through land revenue and Rs 1650 million are expected from tax on profession, trades and callings.

Through indirect taxes, Rs 398,233.500 million are expected in the next fiscal year, including Rs 294,000.000 million through Sales Tax (GST Provincial), Rs 3846.000 million through provincial excise, Rs 76983.500 million through Stamps Duty, Rs 23404.000 million through Motor Vehicles and Rs 14750.000 million are expected through other indirect taxes.

Copyright Business Recorder, 2024