LAHORE: Excise and taxation Department Punjab has recovered Rs 799 million of excise duty up to mid of January 2015 which is more than the last year.
According to Excise Accounts Officer Muhammad Faisal, the department has received Rs 799 million excise duty during the first 6 and half month of the fiscal year 2014-15 which is 17 percent higher than the same period of the last year. During the fiscal year 2013-14, the excise department was able to recover Rs 682.1 million during the first six months of the FY 2014-15.
For Budget 2014-15 Punjab government set a target of one billion and Rs 87 million which is 43 percent achieved till now. Large share of Excise duty has been recovered from 4 star hotels of Lahore, Multan, Faisalabad and Rawalpindi. Levi on alcohol is 116.9 million Rs higher than the last years same duration.
According to Excise official share of the excise levy always increase in Eid days and New Year. Punjab Excise recovered almost 17 million Rs at New Years Eve only which is largest amount ever collected in Excise duties.
Excise Punjab is a big source of income for Government of Punjab. Excise is expected to facilitate almost 18 Billion Rupees to the Provincial Government. Punjab generates only about twenty percent of its revenues and the rest of its budget is shared from a pool of Federal taxes.
Excise Duty is imposed on sale of alcohol by selected hotels in Punjab and permit holders. Large share of excise duty is obtained from import, export of intoxicants, manufacturing and sale of liquor in different Hostels.
Pearl Continental, Avari Hotel, Hospitality inn and Flatties are big sources of income for Punjab Excise.
