The Central Board of Revenue (CBR) has achieved the revenue collection target of Rs 835 billion for fiscal 2006-2007. It is learnt on Saturday that the target of direct taxes has been achieved.
Sales Tax Department in co-ordination with the CBR Fiscal Research and Statistics Wing remained busy in reconciliation of GST related data collected at the import stage as well as sales tax on domestic consumption.
However, till late night, there were reports of slight shortfall in GST collection. As the banks remained open late night on June 30, the CBR has decided to postpone release of provisional figures till July 1.
The CBR House also remained open late Saturday night to compile data reported by the banks, collectorates, commissionerates and Regional Tax Offices (RTOs).
Insiders told this scribe that the board has managed to meet the target of Rs 835 billion and the tax authorities have conveyed the provisional figures to the policy-markers.
Usually, collection shows further increase following compilation of final figures in the next few days. It is expected that the final reconciled figures for 2006-2007, after receipt of data from all the branches of NBP and government treasuries, will exceed the target of Rs 835 billion.
Collection of direct taxes has crossed Rs 324 billion during July-June (2006-2007), whereas data of sales tax and customs duty is being collected from relevant sources.
When contacted, most of the senior tax officials said that it is not possible to immediately give a clear picture till compilation of data transmitted through banks.
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