Summary The government gained around Rs 571 billion in the last fiscal year
ISLAMABAD (Dunya News) – Federation reportedly pocketed billions of Rupees through taxes on petroleum products while claims of tax target reduction have also been proved wrong, Dunya News reported Friday.
According to the policy report issued by Finance Ministry, the government gained around Rs 571 billion in the last fiscal year which was at least Rs 8 billion more than the target.
At least Rs 233 billion from local sale, Rs 166 billion through sales tax on imported oil and Rs 24 billion custom duty was added to the national treasure.
The report states that provinces were also given shares in the funds collected under taxes however, the federation swallowed up Rs 131 billion levy.
Earlier on March 1, petrol and compressed natural gas (CNG) prices were reduced by remarkable Rs 8 per litre and Rs 7 per kilogram (Kg).
Prime Minister (PM) Nawaz Sharif approved the reduction after which diesel price was cut by Rs 4.5 per litre and petrol by Rs 8 per litre.
The revised prices set the total at Rs 62.77 per litre for petrol while at Rs 71.12 for high speed diesel
The price of high octane was also reduced by Rs 3 per litre while the PM rejected recommendation regarding reduction in kerosene oil price.
In last week of February, Oil and Gas Regulatory Authority (OGRA) had forwarded a summary to the Prime Minister recommending Rs. 8.48 per litre cut in petrol price for March.
CNG was available at Rs 55 per litre rate in Punjab before revision.
