LTU collects Rs 186.272b against Rs 186.132b target
LAHORE: The Federal Board of Revenue’s (FBR) Large Taxpayers Unit (LTU) Lahore has exceeded the tax collection target for financial year 2014-15 by Rs 140 million as it has collected Rs 186.272 billion against the target of Rs 186.132 billion.
As per details, LTU collected Rs 113.099 billion in term of sales tax against the set target of Rs 114.880 billion with shortfall of Rs 1.781 billion, while in wake of income tax it generated Rs 54.805 billon by surpassing the target of Rs 52.634 billion with surplus of Rs 2.171 billion during the said period.
The LTU Lahore also collected Rs 18.368 billion as federal excise duty against the set target of Rs 18.618 billion marking negative growth.
During first quarter of fiscal year 2014-15, it achieved the 100 percent target of Rs 24.249 billion in wake of sales tax as it collected Rs 4.75 billion in July, 2014, Rs 10.107 billion in August and Rs 9.392 in September.
Similarly, LTU marked 100 percent achievement in of sales tax collection during second quarter of FY2014-15. It met target of Rs 26.276 billion as it recovered Rs 7.170 billion in October, 2014, Rs 8.802 billion in November and Rs 10.304 billion in December.
However, the target of Rs 24.021 billion as sales tax for third quarter was also successfully achieved by LTU. It generated Rs 5.488 billion in January, Rs 8.615 billion in February and Rs 9.918 in March.
While the department could not meet the target for fourth quarter of the year which was Rs 40.434 billion and it collected Rs 38.553 billion in wake of sales tax.
Under the head of federal excise duty, the LTU target for first quarter was 4.172 billion that was achieved totally as Rs 441 million was collected in July, Rs 2.043 billion in August and Rs 1.688 billion in September.
In second quarter the target was Rs 4.243 million for FED which was attained by 100 percent as LTU collected Rs 2.040 billion in October, Rs 1.058 billion in November and Rs 1.145 in December.
The target for the third quarter was Rs 3.030 billion in wake of FED and it recovered Rs 537 million in January, Rs 1.097 billion in February and Rs 1.396 billion in March.
While the target for fourth quarter of the fiscal year 2014-15 was Rs 7.173 billion out of which Rs 6.923 billion was collected as LTU generated Rs 2.085 billion in April, Rs 2.085 billion, Rs 2.089 billion in May and Rs 2.749 million was collected in June.
Under the head of income tax, the target of Rs 8.028 billion was set for first quarter of the fiscal year while it achieved Rs 260 million in July, Rs 1.394 billion in August and Rs 6.374 billion in September.
For the second quarter, the target of Rs 11.872 billion was allocated out of which Rs 2.293 billion was collected in October, Rs 1.888 billion in November and Rs 7.691 billion in December.
The target for third quarter was Rs 10.550 billion and the department met the target as it received Rs 1.306 billion in January, Rs 1.417 billion in February and Rs 7.827 billion in March as income tax.
Similarly, LTU was assigned the target of Rs 22.184 billion in wake of income tax for fourth quarter and it surpassed the target by collecting Rs 24.355 billion, while on monthly basis it collected Rs 3.997 billion in April, Rs 4.088 billion in May and Rs 16.270 billion in June.