The Federal Board of Revenue has collected Rs 139.7 billion revenue during July-August (2008-2009) against the target of Rs 134.8 billion, reflecting a growth of Rs 4.9 billion. According to provisional tax collection data issued on Saturday.
Net collection during first two months of current fiscal year stood at Rs 139.7 billion against Rs 111.1 billion during the same period last year, reflecting a cumulative growth of 25.7 percent.
Despite lacklustre business activity, team of tax managers headed by FBR Chairman Ahmed Waqar has shown excellent performance during current fiscal year, reflecting the board's commitment to achieve ambitious target of Rs 1.250 trillion in 2008-2009.
Direct tax collection stood at Rs 37.6 billion during July-August 2008-2009 against Rs 29.1 billion in the same period last fiscal year, showing a healthy increase of 29.1 percent. Indirect tax collection stood at Rs 102.98 billion during first two months of current fiscal year against Rs 81.963 billion in the corresponding period last fiscal year, reflecting a growth of 24 percent.
The sales tax collection has reached Rs 65.4 billion against Rs 55.1 billion, indicating a growth of 18.8 percent. Sales tax collection at the import stage stood at Rs 33.231 billion against Rs 31.29 billion, showing a growth of Rs 1.941 billion. Sales tax collection on domestic consumption stood at Rs 32.206 billion in July-August 2008-2009 against Rs 23.39 billion, depicting a growth of 35 percent.
The FBR had increased sales tax rate from 15 percent to 16 percent and excise duty in Value Added Tax (VAT) mode on certain goods and services was also enhanced from 15 percent to 16 percent in budget (2008-2009).
Tax receipts on account of federal excise duty (FED) have registered a growth of 74.4 percent, during the period under review. The collection has reached Rs 14.7 billion against Rs 8.4 billion in the corresponding period of last year. This FED collection also includes one percent special excise duty (SED) collected during the period under review.
The collection of customs duty was Rs 22 billion against Rs 18.5 billion, showing an increase of 19 percent. Provisional collection during August 2008 was Rs 66.9 billion. Break-up revealed that direct taxes yielded Rs 18.9 billion, sales tax Rs 31.9 billion, federal excise Rs 6.5 billion and customs duty Rs 9.6 billion.
The figures are provisional and likely to increase further at the time of finalisation. The FBR has provided data upto August 29 and updated collection would definitely show more improved situation.
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