ISLAMABAD: The Federal Board of Revenue (FBR) reported a substantial increase in sales tax collection during the fiscal year 2023-24, amassing an additional Rs998 billion from essential items.
According to FBR’s official documents, electricity consumption contributed the most, generating Rs364.66 billion in sales tax revenue—a 63.4% rise compared to the previous year. The total domestic sales tax collection surpassed Rs1,222 billion.
Key revenue increases were noted across several consumer categories:
- Sugar: Sales tax revenue rose by 28.5%, reaching Rs98 billion.
- Cement: Tax collection surged by 60%, totaling Rs66.61 billion.
- Cigarettes: Sales tax revenue climbed by 64.3%, generating Rs61 billion.
Additionally, Federal Excise Duty (FED) on cigarettes reached Rs237 billion, a 67% increase equivalent to Rs95 billion compared to the prior period.
Other notable increases include:
- Tea Products: Sales tax revenue grew by 31% to Rs22.72 billion.
- Local Vehicle Sales: Revenue experienced a dramatic 160% jump to Rs13.36 billion.
- Biscuits: Manufacturers contributed Rs15 billion, reflecting a 56% increase.
However, GST collection on petroleum products declined by 4.3% during the same period.
The comprehensive tax collection data spans essential utilities and consumer goods, such as electricity, gas, sugar, cement, cigarettes, tea, beverages, and biscuits. These figures indicate significant shifts in taxation policies and consumption patterns across sectors during the fiscal year.
This detailed documentation highlights the FBR’s revenue generation efforts from essential commodities and services, offering critical insights into the nation’s evolving economic landscape.
