The Federal Board of Revenue has provisionally collected record revenue of Rs 282 billion during first quarter (July-September) of 2010-11, against Rs 232 billion in the same period of last fiscal year, reflecting an extraordinary increase of Rs 50 billion.
The provisional figures compiled on Friday showed that the FBR broke all previous records of revenue collection during the first quarter of 2010-11 by amassing Rs 282 billion during this period. The revenue trend showed that the direct taxes collection had helped the FBR to reach over Rs 105 billion during September 2010. Similar trend was observed in other taxes like sales tax and FED. However, the record collection in direct taxes enabled the FBR to reach Rs 282 billion during July-September of 2010-11.
The effective awareness campaign and enforcement measures played a key role in collecting record amount of direct taxes during this period as compared to same period of last financial year. Additional revenue will be added to this amount in the next few days when the statistics would be finalised for the quarter under review.
The FBR has to collect Rs 53.9 billion to meet the quarterly target of Rs 335.9 billion for first quarter of 2010-11. The tax managers are confident to amass the figure of Rs 335.9 billion following compilation of final figures in the next few days.
During September 2010, the FBR provisionally collected Rs 105 billion, against Rs 71 billion collected in the same period of last year. The FBR has to collect Rs 38.4 billion to meet the monthly target of Rs 143.4 billion set for September 2010. Break-up of monthly collection showed that direct tax collection was Rs 45 billion, sales tax Rs 37 billion, FED Rs 11 billion and collection of customs duty stood at Rs 12 billion.