ISLAMABAD, May 9: The collection of General Sales Tax (GST) and Federal Excise Duty (FED) from petroleum products rose by 14.73 per cent during the nine months (July-March) period of the current fiscal year over the last year owing to increase in prices of petroleum products in the international market.

Officials told Dawn on Tuesday that the revenue realisation from the POL products would record tremendous increase due to the persistent rise in international market, which would subsequently help the tax machinery in getting extra than projected revenue for reaching the revenue target for the current fiscal.

The statistics available here showed that the CBR raised Rs18.044 billion as GST from the POL products during the July-March period of the current fiscal year as against Rs16.264 billion during the same period of last year, indicating an increase of 10.94 per cent.

It was estimated that the GST collection from POL products would easily cross Rs20 billion mark by end June next, which would be the highest-ever GST collection from the products.

While the collection of FED from petroleum products stood at Rs2.682 billion during the nine months of the current fiscal year as against Rs1.8 billion over the same period of the last year, showing an increase of 49pc.

The share of duty and taxes from motor spirit (petrol) stood at Rs13.86 per litre petroleum development levy, Rs7.34 GST, 88 paisa FED and Rs2.30 inland freight equalisation margin (IFEM). However, the share of taxes fluctuates with the increase in price of petrol in the domestic market.

The collection of FED on different petroleum products showed that the CBR raised Rs237.9 million from asphalt and bitumen during the July-March period this year as against Rs350 million over the corresponding period of the last year, showing a decrease of 32 per cent and Rs169.1 million from Lubricating oils as against Rs110 million, an increase of 53.72 per cent.

The CBR raised Rs576.3 million from motor spirit during the nine months period of the current fiscal year as against Rs770.168 million last year, indicating a decrease of 25 per cent; Rs0.13 million from petroleum greases as against Rs20.12 million, a decrease of 99.35 per cent; and Rs152.3 million from solvent oil as against Rs70 million, an increase of 117.57 per cent.

The tax officials raised Rs240.7 million from premier motor gasoline (87 RON) during the period under review as against Rs248.311 million of the last year, a decrease of 3 per cent.