LAHORE: The Punjab Excise and Taxation Department has collected handsome amount of revenue just in first two months of the fiscal year 2015-16.
According to financial statements of the accounts, the department recovered Rs 3.4 billion in two months which is 38 percent extra than the same period of the fiscal year of 2014-15.
According to data available to Customs Today, the Excise Punjab was able to recover Rs 3.4 billion in first two months of the fiscal year of 2014-15.
Excise collected a huge share of motor vehicle taxes which stands at Rs 2.5 billion only in two months. The motor vehicle taxes collected in two months of the fiscal year of 2014-15 stood at Rs 1.8 billion and now up to 31st of August 2015, recoveries in this regard increased up to 40 percent than the specific period last year.
Another good chase is in the wake of property tax which is 51 percent more than the same period of the fiscal year 2014-15. Up to 31st August of 2015, the Excise Punjab recovered Rs 502 million but if we look into the same period of the year 2014-15 recoveries in property tax stood at Rs 332 million which is 51 percent less than the current collections.
A senior official told Customs Today that property tax recovery is not as per assessment and it is only 6 percent of the target which is not satisfactory. Recoveries will be doubled during the current month as it is a rebate month for the citizens and people can clear their taxes by paying 5 percent less than their total amount, he added.
The Excise and Taxation Department also recovered Rs 198 million of excise duty which was levied on sale and production of alcohol in the province. In the first two months, the department collected Rs 198 million in the wake of excise duty which is 18 percent extra than the same period of the fiscal year 2014-15. The Excise Punjab issued more than 5,000 alcohol sale permits to the Christian community of Punjab.
