ISLAMABAD (May 15 2003) : Registering record sales tax collection of Rs 193 billion during the July-April 2002-03, the Central Board of Revenue (CBR) has amassed Rs 352.104 billion as per final tax collection data of first 10 months of the current financial year as compared to the provisional collection figures of Rs 348.4 billion for the same period showing an increase of Rs 3.704 billion.
The collection of Rs 352.104 billion in July-April 2002-03 is Rs 46 billion more than the collection of Rs 306.1 billion during the corresponding period last fiscal, ie growth of 12 percent.
According to the final tax collection compiled here on Wednesday, the Sales Tax Department has made history by collecting Rs 193.108 billion as gross sales tax during the first 10 months of the current fiscal as compared to Rs 162 billion collected during the same period last fiscal reflecting tremendous growth of over Rs 31 billion (19.2 percent).
The net sale tax collection was Rs 154.1 billion in July-April of the current fiscal as compared to Rs 128.5 billion during the same period of the previous year, ie increase of 20 percent.
The CBR's efforts to generate maximum general sales tax (GST) under VAT mode is bearing fruit as sales tax authorities have not only achieved the International Monetary Fund (IMF) target, but also showed healthy trend on import/domestic sides.
The total net sales tax collection at the import stage was Rs 87,589 million in July-April 2002-03 against Rs 74,821 million during the corresponding period last fiscal, showing growth of Rs 12,768 million or 17.1 percent increase.
Moreover, similar upward trend has been observed at the domestic side where net sales tax receipts stood at Rs 66,535 million against Rs 53,689 million, ie growth of 23.9 percent.
Over 17 percent excess sales tax refund was paid to the business community as the CBR has made huge payment of Rs 38,984 million during July-April 2002-03 against Rs 33,515 million during the same period last fiscal, showing extra payments of Rs 5,469 million.
The final break-up indicated that the net collection on direct taxes side was Rs 109.5 billion during the first 10 months of the outgoing fiscal as compared to Rs 108.4 billion during the same period last fiscal reflecting an increase of Rs 1.1 billion.
Indirect taxes collection was Rs 242.588 billion in July-April 2002-03 against Rs 197.646 billion during the same period last fiscal, ie improvement of 22.7 percent or increase of Rs 44.942 billion.
The CBR collected Rs 53 billion as Customs duty during the first 10 months of the current financial year as compared to Rs 33.247 billion during the same period last fiscal, ie increase of Rs 19.735 billion or 59.4 percent.
The collection of central excise duty (CED) remained unchanged at Rs 35 billion.