LAHORE: The Excise and Taxation Department has collected Rs 427.88 million cotton fee in first seven months of the fiscal year 2014-15.
The cotton fee is levied under the Cotton Control Ordinance 1968 by the government. The Punjab Excise has recovered 70 percent of the target from July 2014 to January 2015 for the fiscal year. In first seven months, department has recovered 13 percent extra revenue than the corresponding period of the fiscal year 2013-14. From July 2013 to 31 January 2014 excise recovered Rs 379.98 million which is now increased to Rs 427.88 million with Rs 47.90 extra revenue.
In Punjab budget 2014-15 government set a target of 613.60 million to collect for cotton fee. Collection of 70 percent of the target is a good achievement of the excise.
