The Federal Board of Revenue has fixed Rs 160 billion target for March 2011 as it continues to strive for the downward revised revenue collection target of Rs 1604 billion for 2010-11. Sources told Business Recorder here on Thursday that the break-up of the monthly target has been communicated to the field formations for amassing the figure of Rs 160 billion during March 2011.
In this regard, FBR has already communicated the Chief Commissioners of Large Taxpayer Units and Regional Tax Offices (RTOs) to meet the monthly targets at any cost for meeting the revised target of Rs 1604 billion. So far, the Board has provisionally collected Rs 873.844 billion during July-February 2010-11 against Rs 791.408 billion during the corresponding period last fiscal, showing an improvement of 10.4 percent.
Sources said that the provisional 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 last fiscal, showing an increase of 6.1 percent. The collection of indirect taxes stood at Rs 563.644 billion during July-February 2010-11 against Rs 499.100 billion, reflecting an increase of 12.9 percent.
Breakup of revenue collection revealed that the sales tax collection was Rs 377.765 billion during July-February 2010-11 against Rs 329.025 billion during the same period last fiscal, showing a growth of 14.8 percent. The collection of federal excise duty (FED) was Rs 77.503 billion during July-February 2010-11 against Rs 74.675 billion during the corresponding period of last fiscal, reflecting an increase of 3.8 percent. The collection of customs duty was Rs 108.376 billion during July-February 2010-11 against Rs 95.400 billion in the same period last fiscal, reflecting an increase of 13.6 percent.