LAHORE: The Punjab Excise and Taxation Department has collected Rs 884 million of motor vehicle tax during first months of the fiscal year 2015-16.
According to data available to Customs Today ,Punjab Excise motor branch Lahore has collected this figure just in one month of July, 2015. During first month of the fiscal year of 2014-15 Excise motor branch was able to collect only Rs 554 million. But during first month of the fiscal year of 2015-16 Motor Branch has collected revenue of Rs 884 million which is Rs 330 million more than as compare to same year of 2014-15.
Sources said, that basic reason behind the increased revenue is a rebate offered by the department on token tax which was ended on 31st July. Excise Punjab was offering a discount of 5 percent on token tax for the months of July. Huge rush in was witnessed in Excise office at Fareed Kot House during this period of time.
Another reason behind the collection and increased revenue is decrease in taxes on transfer of vehicles which was announced by the federal government in 2015-16 budgets.
