LAHORE: The Excise and Taxation Department of Punjab has recovered record revenue of Rs 1.8 billion in just one month of the fiscal year of 2015-16.
According to the official data available with Customs Today, the Punjab Excise has keenly started chasing of its revenue targets set for the fiscal year 2015-16. The Punjab government has set a revenue target of Rs 25 billion for excise department for the ongoing fiscal year 2015-16.
During the month of July 2015, the excise has recovered huge amount of taxes which is Rs 600 million extra as compare to the same period of the last fiscal year. In July, 2015, total recoveries stand at Rs 1.8 billion which is a landmark recovery during one month of any fiscal year.
Officials of excise accounts department, while talking to Customs Today, said that revenue will be increased in August, 2015 because registration of new vehicles has increased. Sale of vehicles in Pakistan has increased up to 30 percent from last year which is a positive sign for motor branch to collects maximum revenue he added.
Punjab excise has collected these taxes in the wake of property tax, excise duty, cotton fee, education cess, motor vehicles taxes and professional tax.
