Over 25.4 percent sales tax growth rate at the import stage has enabled the Federal Board of Revenue (FBR) to provisionally collect around Rs 1199.95 billion from July 1 to May 17, 2010-11, against the downward revised annual target of Rs 1588 billion, reflecting a shortfall of Rs 388.05 billion.
Sources told Business Recorder here on Tuesday that the FBR has compiled latest revenue collection figures from July to May 17, 2011. In the remaining days of current fiscal year, the FBR has to collect around Rs 388.05 billion to meet the target of Rs 1588 billion.
According to the provisional figures, the FBR has collected Rs 1199.95 billion from July 1 to May 17 2010-11 against Rs 1054.276 billion of corresponding period of last fiscal year, reflecting an increase of 13.8 percent. Break-up showed that direct taxes collection stood at Rs 450.480 billion during July-May (2010-11) against Rs 399.451 billion in the corresponding period of last fiscal year, showing an increase of 12.8 percent.
Sales tax collection stood at Rs 496.093 billion against Rs 427.451 billion, reflecting an increase of 16.1 percent. Sales tax collection at the import stage stood at Rs 258.368 billion during July-April 2010-11 against Rs 206.010 billion, showing an increase of 25.4 percent. Sales tax collection at import stage has shown remarkable growth of 25.4 percent due to POL products import and other items liable to sales tax. The provisional sales tax collection on domestic consumption was Rs 237.725 billion during July-May 2010-11 against Rs 221.441 billion, reflecting growth of 7.8 percent.
The FBR collected Rs 104.032 billion as federal excise duty (FED) during July-May (2010-2011) against Rs 95.75 billion, reflecting an increase of 8.6 percent. The collection of customs duty was Rs 149.350 billion against Rs 131.618 billion, reflecting an improvement of 13.5 percent.
The monthly collection in first 17 days of May 2011 stood at Rs 49.382 billion against the target of Rs 156 billion. Break-up of monthly collection showed that direct taxes collection stood at Rs 19.228 billion; sales tax Rs 21.122 billion; FED Rs 1.296 billion and collection of customs duty was Rs 7.735 billion.