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Provinces collect Rs294 billion as sales tax on services in FY21

Provinces collect Rs294 billion as sales tax on services in FY21

Provinces collect Rs294 billion as sales tax on services in FY21

Logo of the Finance Ministry. Photo: File

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KARACHI: The provinces have collected Rs294 billion as sales tax on services during the fiscal year 2020/21, showing a growth of 26.18 per cent over the previous year.

All the four provinces collected Rs233 billion as sales tax on services during the fiscal year 2019/20, according to the statistics released by the Finance Ministry on Friday.

The provinces have shown an impressive performance in the collection of sales tax on services, despite adverse economic conditions due to the coronavirus pandemic.

Punjab remained the highest contributor in the sales tax on services. The province posted 31 per cent growth in the revenue collection to Rs138.36 billion during the fiscal year 2020/21, compared with Rs105.55 billion in the preceding fiscal year.

Sindh posted a growth of 23.29 per cent to Rs123.09 billion in the last fiscal year, compared with Rs100 billion in the preceding fiscal year.

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Khyber-Pakhtunkhwa collected Rs19.33 billion during the fiscal year 2020/21, compared with Rs17 billion in the preceding fiscal year.

Lastly, Balochistan posted a growth of 21 per cent to Rs12.85 billion in the fiscal year 2020/21, compared with Rs10.63 billion in the preceding fiscal year.

The collection of sales tax on services to the GDP is slightly improved but it is still below one per cent. The sales tax on services to the GDP improved to 0.61 per cent in the fiscal year 2020/21, compared with 0.55 per cent in the preceding fiscal year.

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