ISLAMABAD: The surge in imports helped tax officials in collecting 38 per cent more general sales tax from 10 major revenue spinners in the first seven months of this fiscal year over the corresponding period last year.
As a result, the GST collection from the 10 revenue spinners reached to Rs187.597 billion in July-January period at import stage as against Rs135.649 billion the same period last year.
Official figures available with Dawn showed that maximum revenue spinners are a few major items POL products, edible oil, electrical machinery, automobiles, mechanical machinery, plastic resin etc., which showed steady growth during the period under review.
The GST collection from POL products at import stage surged by 34 per cent to Rs86.574 billion during the first seven months of this fiscal year as against Rs64.601 billion in the corresponding period last year.
However, a growth of 14.2 per cent was also recorded in GST collection on selling of POL products at domestic market, which stood at Rs85.189 billion in July-Jan period from Rs74.621 billion over the same period last year. This increase is mainly driven by surge in POL prices in the last few months in domestic market.
From edible oil the GST collection at import stage soared 32.1 per cent at Rs20.830 billion during the period under review as against Rs15.770 billion over the same period last year. The increase in the price of palm oil in international market pushes the GST collection.
The collection of GST from plastic resin up by 18.5 per cent to Rs16.06 billion in the July-Jan period as against Rs13.555 billion over the same period last year. And the collection of GST from automobile reached to Rs15.140 billion as against Rs10.733 billion in the same period last year.
The expansion of GST to mechanical machinery including agriculture appliances last year led a sudden rise in the collection from this sector. As a result, Rs14.430 billion were collected from mechanical machinery during the period under review as against Rs4.732 billion over the same period last year, reflecting an increase of 205 percent.
The collection of GST from iron and steel sector reached to Rs12.465 billion in July-Jan 2011-12 as against Rs10.353 billion over the same period last year, showing an increase of 20.4 per cent.
The GST collection from electrical machinery up by 91.2 per cent to Rs8.779 billion as against Rs4.592 billion raised in the corresponding period last year.
The organic chemicals contributed Rs5.197 billion in the first seven months in GST collection at import stage as against Rs4.021 billion over the same period last year, showing an increase of 29.5 per cent.
The GST collection from rubber products up by 36.1 per cent to Rs3.810 billion compared to Rs2.800 billion over the same period last year. However, the GST collection declined by 4.2 per cent from paper and paperboard to Rs4.312 billion as against Rs4.501 billion.
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