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Multan Customs collects Rs4168.965m during May

Multan Customs collects Rs4168.965m during May

 

MULTAN: Collectorate of Customs has made revenue collection of Rs4168.965 million during the month of May in the on-going fiscal year 2018-19.

According to the details, the Collectorate successfully attained the assigned revenue collection task of customs duty for the month of May. The Collectorate collected Rs1776.941 million against the set target of Rs1555 million in terms of customs duty for the duration of May 2018-19.The Collectorate of the Multan Customs posted 14 percent growth in  customs duty collection for the period of May. Multan Customs collected almost 114 percent revenue collection in the customs duty. The Collectorate was able to fetch Rs1263.522 million customs duty against the assigned target of Rs1509.860 million during the corresponding period of the fiscal year 2017-18.The collection of customs duty was improved in the Collectorate due to surge in the import clearances of High Speed Diesel (HSD) in May.

The Collectorate of Multan Customs collected sales taxes of Rs2342.054 million during the period of May against the assigned revenue task of Rs3935 million. The sales tax collection has been reduced due to decrease in the tax ratio of HSD import clearances in May. The Collectorate attained 59 percent sales tax collection in the month of May.

On the other hand the Collectorate collected Rs3421.608 million in the corresponding period of May 2017-18.Sales tax collection has been dropped suddenly in the current fiscal year due to adjustments in the tax ratios by government. The Collectorate has observed a31 percent decline in the collection of sales taxes due to decrease in the ratio of sales taxes on HSD.

The Collectorate collected Rs30.162 million against revenue task of Rs.18 million in wake of federal excise duty (FED) during the month of May 2018-19.The Collectorate attained 167 percent assigned target during May. Whereas the Collectorate collected Rs16.054 millionFED during the corresponding period of May 2017-18. The Collectorate collected Rs19.810 under the head of income tax and it was assigned revenue task of Rs28 million for the month of May 2018-19.On the other hand it made collection of Rs.25.329 million during the corresponding period of May 2017-18. Multan Customs has made overall tax collection of Rs4168.965 million during the month of May.