Large Taxpayers Unit (LTU), Lahore has achieved its revenue collection targets fixed for the fiscal year 2010-2011 by collecting Rs 63,320 million and Rs 27,500 million from sales tax and income tax respectively. The target for the Federal Excise Duty was fixed at Rs 19, 923 million. The target has already been surpassed for sales tax and that for income tax is comfortably within sight.
However, the target for the federal excise duty is expected to remain short by a very nominal margin, say LTU circles, here on Monday. The sales tax collection is showing an increase of 65 percent from the collection in the previous year ie Rs 38,777 million, which is outstanding. Similarly, in income tax the comparative collection is showing progressive increase of 52 percent as compared to the last year at Rs 18,040 million, which is very encouraging, given the prevailing economic situation in the country. The FED collection so far represents an increase of 32 percent as compared to the total collection in the previous year, LTU circles added.
The main contributing sectors on the income tax side have been petroleum, gas and banking. Certain sectors such as petroleum, beverages, gas manufacturing and distribution, hotels and automotive sectors have performed well on the sales tax side. The petroleum sector has yielded Rs 38, 851 million as against Rs 32,977 million of last year. Beverages and juices sector has also contributed greatly with the revenue yield of Rs 5,918 million this year as against Rs 3,171 million of last year. Gas manufacturing and distribution sector has posted Rs 4,605 million this year as against Rs 2,221 million of last year. Hotels have contributed to the revenue with Rs 1,692 million as against Rs 1,328 million last year.
On the FED side, when compared with the last year, the beverages and juices sector shown tremendous increase, which was with Rs 8,352 when compared with that of Rs 5,720 million. The cement sector stands next with total collection of Rs 5,737 million as against Rs 5,516 million of last year, LTU circles concluded.