Indirect Taxes collection sees reasonable growth this year


ISLAMABAD, Jun 2 (APP): The gross and net collection of indirect taxes have witnessed a growth of 20.4 percent and 21.7 percent respectively which accounted 62.1 percent of total FBR tax revenues during first ten months of current fiscal year.
Within Indirect taxes, a net collection of sales tax is increased by 20.2 percent. The gross and net collection of Sales Tax stood at Rs.1,046.5 billion and Rs.1,013.6 billion respectively during the period under review.
As per Economic Survey, launched by Minister for Finance and Revenue, Senator Ishaq Dar at a press conference here on Thursday, in fact, around 46.2 percent of total Sales Tax is contributed by domestic sector.
The Survey said a major contribution to net domestic Sales Tax collection came from Petroleum (POL) products, fertilizers, natural gas, cement, other services, electrical energy, beverages, cigarettes, tea, sugar, iron and steel etc.
On the other hand, contribution to collection of Sales Tax on imports was made significantly by POL products, plastic, edible oil, vehicles, machinery, chemicals, oilseeds etc.
The Survey said Customs Duty collection has registered a growth of 31.8 percent and 32.5 percent in both gross and net terms respectively.
The gross and net collection have increased from Rs.243 billion and Rs.234.8 billion during July-April, FY 2015 to Rs.320.2 billion and Rs.311.1 billion respectively during first ten months of current fiscal year.
The major revenue spinners of customs duty have been automobiles, edible oil, petroleum products, machinery, plastic, iron and steel, paper and paperboard etc.
The collection of Federal Excise Duty (FED) during July-April, FY 2016 has recorded a growth of 11.5 percent. The net collection stood at Rs.133.4 billion during July-April, FY 2016 as against Rs.119.6 billion during same period of FY 2015.
The major revenue spinners of FED are cigarettes, cement, beverage, natural gas and international travel etc.