The collection of petroleum levy has registered a 102 percent increase during the first half of the current fiscal year, according to official data.
The collection of petroleum levy increased to Rs275.3 billion during July–December of the current fiscal year 2020-21 as compared with Rs136.4 billion in the corresponding half of the last fiscal year.
The petroleum levy is one of the major components of non-tax revenue of the federal government financing the budget deficit and creating room for development expenditures.
The federal government was collecting Rs22.27 as petroleum levy per litre of gasoline in December 2020. Meanwhile the levy was Rs15.74 per litre gasoline included in the retail price during November 2019.
It is pertinent to mention here that the government’s non-tax collection during the first half of the current fiscal year has shown a massive increase of 151 percent. Non-tax collection was recorded at Rs895.3 billion in the first half of the ongoing financial year as compared to Rs356.3 billion in the same period of the previous year, according to the latest data of the ministry of finance.
The breakup of Rs895.3 billion non-tax collection showed that the government has collected Rs44 billion as markup on public sector entities (PSEs), Rs11.9 billion as a dividend, Ra18.6 billion as surplus profit of State Bank of Pakistan. In non-tax revenues, the government has collected Rs6.5 billion as defence receipts, Rs6.9 billion as passport fee and Rs4.3 billion as discount retained on crude oil.
The government had accumulated Rs35.1 billion as royalties on oil and gas and Rs745 million as Windfall Levy against Crude Oil, Rs1.65 billion as petroleum levy on LPG, Rs9.5 billion as Gas Infrastructure Development Cess, Rs13.3 billion as Natural Gas Development Surcharge and Rs47.5 billion as others in July to December period of the year 2020-21.
The Law Today Pakistan, commonly known as TLTP, is the largest news wire service, headquartered in Islamabad. The service is providing fast, comprehensive and verified news on superior courts adjudications, regulatory framework of fiscal, monitory and external sectors, economic regulatory bodies amid apex institutions regulating the financial system. TLTP is empowering readers of more than 12 national English dailies in the country.
