The federal government has decided to set a net tax collection target of Rs. 5829 billion in the budget for the next financial year 2021-22.
According to Express News, the federal government has decided to set a net tax collection target of Rs 5,829 billion with 24% growth in the federal budget for the next financial year 2021-22, of which direct tax (income tax) collections target. 2182 billion and out of these direct taxes, the target for sales tax collection is Rs. 2506 billion, the target for federal excise duty is Rs. 356 billion and the target for customs duty is Rs. 785 billion. What is it.
According to a document available to Express, the federal budget for the next financial year 2021-22 has a growth target of 22% for income tax collections, 30% for sales tax collections, 29% for federal excise duty and 29% for customs duties. It has decided to set a growth target of 12.1%.
According to the document, the federal budget for the next financial year has set a target of Rs 2503.39 billion in terms of sales tax on goods to achieve the target of Rs 2506 billion set for sales tax collections. It has decided to set a target of Rs 2.61 billion for sales tax collections.
In order to achieve the target of Rs. 356 billion in federal excise duty, the next budget has set a target of Rs. 5 billion 135 million in federal excise duty and Rs. 353 billion in federal excise duty. Target of Rs. 33.64 billion, Federal Excise Duty Receipts from Cement Sector Rs. 1.241 billion, Cigarette and Tobacco Sector Receipts from Federal Excise Duty Rs. 134.54 billion. It has been decided to set a target of Rs. 11.97 billion for the collection of Rs. 10 lakh from the natural gas sector in terms of federal excise duty.
The target for federal excise duty on petroleum products is Rs. 4.32 billion, the target for federal excise duty on imported goods is Rs. 2.17 billion, while the target for services sector is Rs. 14.95 billion. A recovery target of Rs. 50 million has been set.
According to the document, in order to achieve the target of Rs 785 billion set for the next financial year in terms of customs duty, the expected collection target in terms of customs duty on import of vehicles is Rs 102.61 billion, imported under Chapter 27. Expected collection of customs duty on import of petroleum products is Rs 91.50 billion, expected collection of customs duty on import of iron and steel is Rs 61.50 billion, import of machinery and mechanical appliances. It has been decided to set a target of Rs. 43.73 billion for customs duties and Rs. 67.51 billion for customs duties on import of electrical machinery.
Expected collection of customs duty on import of edible oil is Rs. 36.28 billion, target of collection of customs duty on import of plastic resins is Rs. 28.79 billion. Rs. 13 lakh 90 crore 50 lakh target for customs duty on import of iron and steel products, Rs. 15 billion 97 crore for customs duty on import of paper and paper board. Expected collection of customs duty on imports of textile materials is Rs. 19.79 billion, expected collection in terms of customs duty on import of tea and coffee is Rs. 18.63 billion, import of organic chemicals. The expected collection target in terms of customs duty can be set at Rs. 7.75 billion.
Expected collection of customs duty on import of dyes and paints is expected to be Rs. 10 billion 747 million, expected collection in terms of export development surcharge is Rs. 10 billion 23 million, expected in terms of customs duty on import of miscellaneous chemicals products. The target for receipts is Rs. 6.86 billion, the target for customs duty on import of staple fibers is Rs. 4.25 billion, while the target for customs duty on import of miscellaneous items is Rs. 261.55 billion. It has been decided to fix Rs. 10 million.
The document states that in the budget for the next financial year, crude receipts in the form of customs duty are expected to be Rs. 793.98 billion, of which Rs. 8.98 billion will be paid in the form of refunds and rebates. After which the net receipts in terms of customs duty will be Rs. 785 billion.
According to the document, the federal budget for the next financial year includes Rs 8.54 billion for the Workers Welfare Fund (WWF) and Rs 1.54 billion for the Workers Profit Partnership Fund (WPPF). Rs. 1 lakh, while the collection target for Capital Value Tax (CVT) has been fixed at Rs. 562 million.
