Sindh Sales Tax collection surpasses target of Rs6.5b
KARACHI: The Sindh Revenue Board (SRB) achieved a milestone by collecting Sindh Sales Tax (SST) amount of Rs6.842 billion during the month of July 2016, which represents the highest ever amount of SST collected in a month since the SRB started collecting it in July 2011.
According to the statement, the Sindh Revenue Board also surpassed the monthly target of Sindh Sales Tax collection of Rs6.5 billion and the collection of Rs6.842 billion during July 2016 represents a remarkable growth of Rs1.54 billion of or 29 percent.
The Sindh Revenue Board had collected an amount of Rs5.302 billion during the corresponding month of July 2015.
The Sindh Revenue Board is the only tax body which has continuously achieved its assigned targets without any mid-year downward revision since 2011/12, the year it started collecting SST revenues despite the reduction in the statutory standard rate of sales tax.
The Sindh Revenue Board is now pursuing the assigned target of Rs78 billion for the year 2016/17, and it expects to achieve the target representing 28 percent growth over the 2015/16 despite the further reduction in the statutory standard rate from 14 percent to 13 percent in 2016/17.
Source : Agencies