SRB's Collection Of Sindh ST On Services Surpasses Assigned Target

KARACHI,(UrduPoint / Pakistan Point News - 1st Augst,2016) : Sindh Revenue board (SRB) achieved yet another milestone by collecting Sindh Sales Tax (SST) amount of Rs 6.842 billion during the month of July 2016, which represents the highest ever amount SST collected in any one single month ever since SRB started collecting SST in July 2011. With this collection of ST during July 2016, SRB also surpassed the monthly target of SST collection of Rs 6.5 billion, said a statement on Monday.

The SRB had collected an amount of Rs 5.302 billion during the corresponding month of July 2015. Accordingly, the collection of Rs 6.842 billion during July 2016 represents a remarkable growth of Rs 1.54 billion of (+) 29 per cent. It is pertinent to note that SRB is the only tax administration which has continuously achieved its assigned targets without any mid-year downward revision since 2011-12 that is the year it started collecting Sindh Sales Tax revenues, despite the reduction in the statutory standard rate of sales tax.

The SRB acknowledges that it was able to collect Sindh sales tax amounts exceeding the assigned targets only because of the continued trust, cooperation and confidence of its taxpayers, the continuous support and assistance by the Government of Sindh and the relentless efforts, devotion and dedication of its employees. The SRB is now pursuing the assigned target of Rs 78 billion for the year 2016-17 and it expects to achieve the said target representing 28 per cent growth over the target 2015-16 despite the further reduction in the statutory standard rate from 14 per cent to 13 per cent in 2016-17.