First 29 days of July 2013: FBR''s provisional collection stands at Rs 96.3 billion

The Federal Board of Revenue (FBR) has provisionally collected over and above Rs 96.3 billion during first month of current fiscal (2013-2014) as compared to Rs 114 billion during the corresponding period of last fiscal year. Sources told Business Recorder here on Monday that the position of revenue collection particularly sales tax had improved during the last few days. The better monitoring and supervision at the Board level has resulted in gradual improvement in revenue collection during the first month of current fiscal.
The FBR would be able to reach revenue collection figure of Rs 114 billion ie last year''s July collection. The filing of sales tax and federal excise returns during the extended period has also improved collection during first 29 days of July 2013. The FBR is confident that the collection would cross Rs 100 billion in next 24 hours on compilation of updated figures from the field formations.
Break-up of gross revenue collection during July 2013 revealed that the income tax collection was Rs 30.7 billion, sales tax Rs 56.8 billion, FED Rs 7.2 billion and collection of customs duty was Rs 9.8 billion. Total gross revenue collection stood at Rs 104.5 billion. After payment of refunds of Rs 8.2 billion in July 2013, the net revenue collection during the first 29 days of July amounted to Rs 96.3 billion.
Traditionally revenue collection during the first month of fiscal usually remains low as maximum focus of collection is in the last month of 2012-13. However, provisional revenue collection is reasonable as the final figures have yet to be compiled after July 31, 2013. In 2012-13, the target of the first quarter was achieved to the extent of around 94 percent. The net collection during first quarter of 2012-13 stood at Rs 411 billion against Rs 380.8 billion in the corresponding period of last year.