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FBR collected Rs209b against Rs215b in March

FBR collected Rs209b against Rs215b in March

ISLAMABAD: The Federal Board of Revenue has provisionally collected over Rs209 billion during March 2014 against the target of Rs215 billion, recording a shortfall of Rs6 billion.

However, the tax bosses are confident that the monthly revenue collection will stand in the range of Rs215 to 220 billion on compilation of final figures. The provisional revenue collection during March 2014 will cross over Rs 209 billion.

The officials expressed their optimism that once the FBR would surpass Rs215 billion, it would manage to amass the assigned revenue collection target. The FBR has provisionally collected Rs1,680.3 billion during July-March (2013-14) against Rs1,354 billion during corresponding period of previous fiscal, showing a growth of Rs326.3 billion. Now, the FBR is required to collect Rs794.7 to meet the budgetary target of Rs2,475 billion by the end of current fiscal.

To-date, the FBR has provisionally collected Rs 1,680.3 billion during July-March (2013-14) against revised annual target of Rs2,345 billion. In order to meet the revised target of Rs 2,345 billion, the FBR has to collect Rs 664.7 billion by end of current fiscal. The downward revised revenue collection target for last quarter (April-June) 2013-14 is Rs775 billion. The revised revenue collection target for April 2014 is Rs196.3 billion, May 2014 Rs219.5 billion and revised revenue collection target for June 2014 is Rs359.2 billion. Break-up of revenue collection during July-March 2013-14 revealed that the FBR has provisionally collected Rs798 billion as direct taxes, Rs517.3 billion sales tax, Rs199 billion as Federal Excise Duty (FED) and customs duty collection amounted to Rs166 billion.