Federal Board of Revenue (FBR) has provisionally collected over Rs 3,751 billion during 2017-18 against annual target of Rs 3,935 billion, reflecting a shortfall of Rs 184 billion. According to the data released by the FBR here on Monday, the collection of Rs 3,751 billion during 2017-18 does not include Rs 90 billion received on account of foreign and domestic amnesty schemes. If FBR includes Rs 90 billion of amnesty scheme in total collection, the FBR's collection would reach Rs 3,841 billion.
The FBR during 2017-18 has recorded a provisional net revenue collection of over Rs 3,751 billion as against Rs 3,368 billion collected during the previous fiscal year, excluding collection on account of book adjustments for June 2018.
The FBR has also recorded an increase of around 11.37% over the revenue collected during last fiscal year. Federal Board of Revenue has also issued Rs 45 billion more refunds than the previous year.
Annual assigned revenue targets for Inland Revenue Service and Customs Duty were Rs 3,335 billion and Rs 600 billion, respectively. Whereas, Customs Duty has surpassed its target by Rs 6 billion, Inland Revenue fell short by Rs 190 billion.
Tax-wise break-up of revenue collected revealed that the FBR collected Rs 1,441 billion as income tax against the assigned target of Rs 1,562 billion, showing a shortfall of Rs 121 billion. Sales tax collection was Rs 1,488 billion against the target of Rs 1,541 billion, reflecting a shortfall of Rs 53 billion. Federal Excise Duty collection remained Rs 216 billion against target of Rs 232 billion, reflecting a shortfall of Rs 16 billion.
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