The Federal Board of Revenue (FBR) has collected Rs 678.912 billion during first nine months (July-March) of fiscal 2007-2008 against Rs 597 billion in the corresponding period last fiscal, showing a growth of 13.7 percent.
Tax authorities are now required to collect Rs 346.36 billion in the remaining months ie April-June with an average monthly collection of Rs 115.366 billion for meeting the annual collection target of Rs 1.025 trillion.
According to the provisional revenue collection figures released on Thursday, the board has collected Rs 257.664 billion as direct taxes during July-March (2007-2008) against Rs 237.80 billion in the same period last fiscal, reflecting an increase of 8.4 percent.
Indirect taxes collection stood at Rs 421.248 billion during July-March (2007-2008) against Rs 359.197 billion in the same period last fiscal, showing an increase of 17.3 percent. Sales tax collection was Rs 257.778 billion in first nine months of 2007-2008 against Rs 218.815 billion in the same period last fiscal, showing an improvement of 17.8 percent.
Sales tax collection at the import stage was Rs 141.335 billion during this period against Rs 125.732 billion in the same period last fiscal, indicating an increase of 12.4 percent. Sales tax collection on domestic consumption was Rs 116.443 billion during first nine months of 2007-2008 against Rs 93.083 billion, showing an improvement of 25.1 percent.
Customs duty collection reached Rs 101.878 billion during July-March (2007-2008) against Rs 92.660 billion in same period of last fiscal indicating an increase of 9.9 percent. Federal Excise Duty collection including one percent special excise duty (SED) was Rs 61.592 billion in first nine months of 2007-2008 against Rs 47.721 billion in the same period last fiscal, showing a growth of 29.1 percent.
The provisional tax collection for March 2008 has recorded an overall growth of 13.1 percent. The net collection during March 2008 was Rs 92.6 billion against Rs 82 billion during March 2007. The revenue on account of direct taxes has risen modestly by 3 percent going up from Rs 38.9 billion in March 2007 to Rs 40 billion in March 2008.
The sales tax collection was Rs 29.7 billion against Rs 24.1 billion of March 2007 showing a growth of 23.4 percent. While sales tax on import stage has increased by 8.6 percent, the increase in the domestic component is 44.3 percent.
The collection of federal excise duties has increased by 26.7 percent, increasing from Rs 6 billion to Rs 7.6 billion. A healthy growth of 17.5 percent has also been recorded in the collection of customs duties where the net receipts have reached Rs 15.3 billion against Rs 13 billion of last March.
The board has paid Rs 48.005 billion as refunds and rebate during first nine months July-March of 2007-2008 against Rs 66.097 billion in the same period of last fiscal, witnessing a decline of 27.4 percent.
The board has paid income tax refund to the tune of Rs 18.296 billion during first nine months against Rs 25.682 billion in the same period last fiscal indicating a decline of 28.8 percent. Sales tax refund payments declined by 31.7 percent with total payments of Rs 20.142 billion in first nine months as compared to the refund payments of Rs 29.782 billion.
Customs duty rebates payments amounted to Rs 9.304 billion in July-March period as against the rebate payments of Rs 10.527 billion in the same period of last fiscal year indicating a decline of 11.3 percent. FED rebate amounted to Rs 27 million only in first nine months as compared to payment of Rs 106 million in the same period of last fiscal projecting a decline of 74.7 percent.