Govt enhances tax collection target by 24pc in next federal budget
The government has set a target of Rs5829 billion for the next fiscal year 2021-22 with an increase of 24 percent in the federal budget.
According to 24NewsHD TV channel report on Wednesday, the government had set a target of Rs2182 billion in direct income tax, Rs2506 billion in sales tax and Rs356 billion in the head of federal excise duty.
A copy of the budget document was obtained by 24NewsHD TV channel which showed the government had set a target for collection of net tax at Rs5829 billion for the new financial year.
The government had set the target of Rs2182 billion in the head of Income Tax while a target of Rs2506 billion was set for the sale tax collection in the next fiscal year.
Federal excise duty collection target set at Rs356 billion and a target of Rs785 billion was set for customs duty collection.
The federal budget for the next financial year 2021-22 has set a growth target of 22 percent for income tax collections with 30 percent for sales tax collections. The growth target for federal excise duty was 29 percent for customs duty 12.1 percent, the document said.
As per the document, the sales tax collection on services was targeted at Rs2.61 billion and federal excise duty was Rs356 billion.
In the next budget, the target for federal excise duty collection from the beverages sector has been set at Rs5.135 billion.
The target for collection of federal excise duty from the Beverages Concrete Sector has been set at Rs33.64 billion.
The target for federal excise duty on the cigarettes and tobacco sector has been set at Rs134.54 billion and the target for collection of federal excise duty from the natural gas sector has been set at Rs11.97 billion.
The target for collection of federal excise duty on petroleum products has been set at Rs4.32 billion while the target for collection of federal excise duty on imported goods is set at Rs2.17 billion.
The target for collection of federal excise duty from the services sector has been set at Rs14.95 billion, the budget document said.
Reporter Ashraf Khan