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Revenue grows by 16pc: FBR collects Rs1.45tr from July to March 21

Revenue grows by 16pc: FBR collects Rs1.45tr from July to March 21

ISLAMABAD: The Federal Board of Revenue provisionally collected Rs1,453.531 billion from July 1 to March 21 (2013-14) against Rs1,249.938 billion during the corresponding period last year, showing a growth of 16.3 percent.

As per details, the FBR has to collect Rs1,022 billion to meet the budgetary target of Rs2,475 billion set for the current fiscal year. It has, however, collected Rs1,453.531 billion provisionally from July 1 to March 21 (2013-14) against the revised annual target of Rs2,345 billion.

Keeping in view the revised revenue target, the FBR has to collect Rs775 billion in the last quarter (April-June) of 2013-14 i.e – in the month of April Rs196.3 billion, May Rs219.5 billion while in June, the board will have to collect Rs359.2 billion.

According to the revenue collection figures compiled by the FBR so far, the total collection of domestic taxes (direct taxes, sales tax and income tax) amounted to Rs1,296.284 billion during July-March 21 (2013-14) against Rs1,098.864 billion, showing an increase of 18 percent.

In first 21 days of March 2014, the provisional revenue collection amounted to Rs92.984 billion against Rs88.009 billion during the corresponding period of last year, reflecting an increase of 5.6 percent. An analysis of the revenue collection revealed that the direct taxes collection was Rs524.871 billion during July-March 21 (2013-14) against Rs451.849 billion during the corresponding previous year, reflecting an increase of 16.2 percent. Out of direct taxes collected during this period, the collection of withholding taxes on imports amounted to Rs85.726 billion against Rs69.724 billion.

Similarly, sales tax collection was Rs685.295 billion against Rs 569.047 billion in during July-March 21 (2012-13), posting an increase of 20.4 percent. Sales tax collection at the import stage was Rs345.155 billion against Rs296.659 billion, reflecting an increase of16.3 percent. Sales tax collection (domestic) at local stage is Rs340.140 billion against Rs272.389 billion, reflecting a growth of 24.9 percent.

The Federal Excise Duty (FED) collection was Rs86.119 billion during July-March 21 (2013-14) against Rs77.967 billion during the same period in the last fiscal year, Customs duty was Rs157.247 billion during July-March 21 (2013-14) against Rs151.073 billion in same period last year, showing a nominal increase of 4.1 percent. Payment of refunds and rebates total at Rs77.254 billion during the period under review against Rs67.123 billion in the same period last fiscal, showing an increase of 16.3 percent.