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May 6, 2021

Import stage revenue up 21pc in July-April

 
May 6, 2021

KARACHI: Collection of sales tax on imported goods increased 21 percent during the first 10 months (July–April) of this fiscal year because of a comparatively higher import volume.

According to official numbers the collection of sales tax increased to Rs810 billion during the period under review as compared with Rs668 billion in the same months of the last fiscal year.

Sources at Large Taxpayers Office (LTO) Karachi, which has jurisdiction over collection of sales tax at import stage, said the growth in sales tax collection at the import stage was due to an increase in volume of imported goods during the period.

The higher import volume is attributed to ease in coronavirus pandemic related restrictions during the past 10 months of the fiscal that increased industrial/commercial activities in the country.

All the customs collectorates located at the ports in Karachi collect sales tax on imports on behalf of LTO Karachi.

The collectorate wise collection of sales tax on clearance of imported goods revealed the MCC Appraisement East and West reported growth of 31 percent and 54 percent, respectively.

The collection of sales tax on imported goods by MCC Appraisement East surged to Rs249 billion during the 10 months of the current fiscal year compared with Rs190 billion in same period of the last fiscal year.

Similarly, the collection of sales tax at import stage by MCC Appraisement West increased to Rs131.62 billion in the period under review compared to Rs85 billion in the same period last fiscal year.

However, MCC Port Qasim remained the major contributor with Rs358 billion as against Rs321 billion, showing a growth of 11 percent.

The collection of sales tax at import stage posted an increase of 56 percent in April 2021. The collection during the month increased to Rs96 billion compared with Rs61 billion in the same month of the last year.

The sources said due to the third wave of coronavirus the monthly collection may fall in coming months as the government had resorted to impose strict restrictions to prevent the spread of coronavirus.