- VAT collection from large companies increased by 21% in the first five months of FY24.
- The increase in VAT collection was due to price hikes in gas and tariff increases in tobacco.
- VAT collection from the gas sector increased by 105% due to a gas price hike in February 2023.
- VAT collection from the mobile phone sector grew by 22% during the five-month period.
- The increase in VAT collection was mainly due to the resolution of disputes and clearing of pending dues.
- The government’s decision to hike gas prices and increase tariffs on cigarettes contributed to the additional revenue.
- The high inflation rate in the country has put additional pressure on consumers.
- Consumer rights platforms have been advocating for a reduction in indirect taxes.
Source: tbsnews.net
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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