LAHORE: The Excise and Taxation Department has achieved 76 percent of the set target during the first 10 months (July 1 to April 30) of the current fiscal year 2014-15.
According to statistics available with Customs Today, the Excise Department collected Rs 17 billion during the said period, while the target for this year is Rs 22.8 billion. The department has almost two months to achieve the remaining Rs 6 billion tax to meet the target.
According to available data, the department collected Rs 58 million in the wake of luxury tax on specific category of houses and Rs 504 million in the wake of professional tax. The total target for the fiscal year in the wake of professional tax is Rs 800 million. During the first 10 months of the fiscal year of 2013-14, the department collected Rs 479 million as professional tax.
The excise has also collected Rs 31 million as hotel tax and Rs 1447.228 million as excise duty on the sale of alcohol. Recovery of excise duty stands at Rs 1,291 million, which has now increased up to 12 percent. Total recovery has reached 82 percent in the first 10 months.
Moreover, Rs 57 million were collected in the wake of entertainment duty against the target of Rs 80 million. Collection in first 10 months is 74 percent, which is 8 percent less than the same period of the year 2013-14.
Talking to Customs Today, officials said that it would be difficult for the department to achieve the remaining 24 percent of the target within two months. They said the department was struggling to meet the target for the current fiscal year.
They added that Punjab Excise Secretary Ali Tahir has directed the authorities concerned to expedite the revenue collection process. The secretary also instructed them to take stern action against tax defaulters.
