ISLAMABAD: Thanks to regulatory duties on 10pc regulatory duty imposed on 314 items earlier this month and hike in sales tax on petroleum products, revenue collection advanced by 27 per cent year-on-year to Rs181.906 billion in February versus Rs143.224bn in the same month of last year.
The government increased general sales tax (GST) on petroleum products to 27pc from 22pc. The government has already reduced the revenue target to Rs2.691 trillion from the budgetary target of Rs2.81tr, a cut of Rs119bn. Last year, the target was revised five times because of dismal performance of the tax department.
Set in the latest budget, the original target for February was Rs210bn, but it was later revised downward to Rs190bn. The growth during the month was mainly driven by increase of 40.69pc in the income tax collection, followed by customs duty 30.72pc, sales tax 18.20pc, and federal excise duty 13.94pc.
