ISLAMABAD: Sales tax collection stood at Rs 322.755 billion during July-November (2012-13) against the target of Rs 383.664 billion, reflecting achievement of 84.1 percent of the assigned target.
Sources told Business Recorder on Wednesday that Rs 383.664 billion sales tax target was fixed for first five months of 2012-13 - collection on domestic consumption was Rs 145.424 billion during the period under review while collection at the import stage was Rs 177.331 billion during first five months of (2012-13).
The FBR has paid sales tax refund amounting to Rs 16.798 billion during first five months of current fiscal year. So far, sales tax collection on domestic consumption and import stage stood at Rs 30.641 billion and Rs 33.648 billion respectively during November 2012. Total sales tax collection was Rs 64.289 billion during November.
The data analysis of sales tax collection during 2012-13 revealed that sales tax target has not been achieved 100 percent during July to November 2012. In July 2012, 80.6 percent of the assigned target was achieved. During August 2012, 79.5 percent of the target was achieved. In September 2012, for the first time 94 percent of the assigned target was amassed. In October 2012, 89.3 percent of assigned target was achieved. In November 2012, 79 percent of the assigned sales tax target was achieved. The Federal Excise Duty (FED) collection was Rs 43.751 billion during July-November 2012-13 against target of Rs 54.772 billion, reflecting achievement of 79.9 percent of target. The FED collection on domestic consumption was Rs 40.401 billion whereas FED worth Rs 3.349 billion was collected at the import stage.
The percentage-wise achievement of FED target during July to November 2012 showed that 61.2 percent target was achieved in July; 88.2 percent in August; 98.5 percent in September; 82.9 percent in October and 70.1 percent of the assigned target of the FED was achieved in November 2012. The FBR has collected Rs 8.454 billion as FED on domestic consumption whereas Rs 592 million FED at import stage in November 2012. Total FED collection stood at Rs 9.046 billion during November 2012.