LAHORE: The Large Taxpayer Unit (LTU) of the Federal Board of Revenue has started audit of tax returns submitted by sugar mills, Waqas Ahmed Bajwa Lahore LTU Zone-III deputy commissioner said on Tuesday.
He said that LTU plays vital role in tax collection from sugar mills . However, he said that department will ensure stocktaking of sugar mills which fall in its jurisdiction under Section 40B of Sales Tax Act, 1990.
Bajwa said that the LTU deputes teams in the sugar mills throughout the crushing season every year to monitor the production of mills. He explained that the teams also made stocktaking of those mills which show abnormal performance in tax payments.
Bajwa said that during the crushing season LTU also takes staff from the some other nearest RTOs like Multan, Bahawalpur because most of sugar mills situated in the Southern Punjab.
He told to Customs Today that computerized risk-based evaluation of sales tax (CREST) is very helpful for analyzing the taxation situation. Talking about his jurisdiction, Waqas Bajwa said that twenty eight sugar mills and public sector institutions came under the jurisdiction from where taxes were collected.
As per the details, he said that LTU Zone-III collected taxes from Tatra Pak, Pakistan Railways,DAEWOO Bus service, Pakistan Agricultural Storage & Supplies Corporation (PASSCO) and Water and Power Development Autharity (WAPDA).
The zone-III collected Rs16, 971 million during first quarter of new fiscal year 2016-2017. In July, it collected Rs19 million in wake of income tax, Rs2,123 million under the head of sales tax and Rs307 million as federal excise duty. In August, it generated Rs136 million as income tax, Rs5,508 million as sales tax and Rs2 million in the wake of federal excise duty.
In September, Rs2,497 million were collected as income tax, Rs6,377 in wake of sales tax and Rs3 million as federal excise duty. Collectively, the zone collected Rs2,653 million as income tax, Rs 14,007 million as sales tax and Rs312 million as federal excise duty.
Waqas said that LTU showed outstanding performance and achieved all targets under the supervision of Chief Commissioner Chaudhary Safdar, while Commissioner Tariq Chaudhary also played vital role in tax collection.
Bajwa said that most of dedicated, professional, competent and hardworking officers have been posted at the LTU, adding that the LTU will not only achieve the set target but also surpass it in order to strengthen the national economy.
Waqas Bajwa said that the zone-III always achieved the targets assigned by Federal Board of Revenue (FBR) and LTU. He said that he always discussed important matters with seniors on a daily basis and learnt from their experiences, adding that motivation by the chief commissioner always encouraged him to perform duty with dedication.
