Rs 873.844 billion collected during July-February

The Federal Board of Revenue (FBR) has provisionally collected Rs 873.844 billion during July-February period of 2010-11, against Rs 791.408 billion of the corresponding period of 2009-10, showing an improvement of 10.4 percent. Sources told Business Recorder that the FBR updated revenue collection figures up to February 28, 2011 on Wednesday.
According to the latest data, direct taxes collection stood at Rs 310.200 billion during July-February 2010-11 as compared to Rs 292.308 billion in the same period of last fiscal year, showing an increase of 6.1 percent. The collection of indirect taxes was Rs 563.644 billion against Rs 499.100 billion, reflecting increase of 12.9 percent.
The monthly collection of February 2011 increased to Rs 103.776 billion against the target of Rs 130 billion. The gross monthly collection of February was Rs 110.142 billion which amounted to Rs 103.776 billion after payment of refund/rebate of Rs 6.366 billion during this period. The FBR has to collect Rs 26.224 billion to meet the target of Rs 130 billion. It is an impossible task to collect Rs 26.224 billion after compilation of final figures as the monthly collection has almost reached Rs 103.776 billion during this period. Direct taxes collection stood at Rs 32.463 billion against the target of Rs 47 billion for February 2011. The collection of sales tax was Rs 48.583 billion against the target of Rs 56 billion. The monthly collection of FED was Rs 8.791 billion against the target of Rs 11 billion and collection of customs duty was Rs 13.939 billion in February 2011 against the target of Rs 16 billion.
Break-up of revenue collection data showed that sales tax collection was Rs 377.765 billion against Rs 329.025 billion, showing a growth of 14.8 percent. The sales tax collection at the import stage was Rs 188.474 billion against Rs 149.383 billion, whereas sales tax collection on domestic consumption was Rs 189.522 billion as compared to Rs 179.642 billion.
The latest figures show that collection of federal excise duty (FED) was Rs 77.503 billion against Rs 74.675 billion, reflecting an increase of 3.8 percent. The collection of customs duty was Rs 108.376 billion against Rs 95.400 billion, reflecting an increase of 13.6 percent.
The data further showed that the FBR paid refunds and rebate of Rs 65.591 billion during July-February of 2010-11 against Rs 50.547 billion of the same period of last fiscal year, showing an improvement of 29.8 percent. Of total refund/rebate paid to the exporters, sales tax refund amounted to Rs 32.637 billion against Rs 11.512 billion.