Excise gets Rs 442.57 million as cotton fee in eight months

LAHORE: The Excise and Taxation Department has collected Rs 442.57 million as cotton fee in first eight months of the current fiscal year.

The Excise Department achieved 72 percent of the target set for the fiscal year 2014-15.

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This recovery is two percent more than the amount recovered during the corresponding period of last year.

In the first eight months, the department recovered Rs 49.7 million more revenue than last year’s collection of Rs 392.85. The cotton fee is levied under the Cotton Control Ordinance 1968 by the government.

In Punjab Budget 2014-15, the government set a target of Rs 613.60 million for cotton fee. Tee collection of 70 percent of the target is a good achievement for the excise.