Provisional collection stands at Rs 2265 billion in nine months

The shortfall in revenue collection continued during July-March (2016-17) as provisional collection stood at Rs 2265 billion during first nine months of 2016-17. It is learnt that the target for March 2017 was Rs 350.1 billion and Rs 834.4 billion tax projections for the third quarter (January-March) of the current fiscal year 2016-17.
Monthly collection in March 2017 was Rs 343 billion against the target of Rs 350.1 billion. Overall, the FBR is still facing shortfall of Rs 157 billion during period of July-March (2016-17). According to sources, monthly revenue collection target for March was at Rs 350.1 billion as compared to Rs 250.6 billion target set for February 2017. Target set for January 2017 was Rs 233.7 billion. Total target for quarter (January-March) 2016-17 comes to around Rs 834.4 billion.
The final data of provisional collection would be available on compilation of figures on coming Monday as banks remained opened till 8pm on March 31, 2017 for collection of duties and taxes. Thus the revenue figures would be finalized next week. However, sources confirmed to Business Recorder that the shortfall in revenue collection continued during first nine months of 2016-17.
The FBR had provisionally collected Rs 1,915 billion during July-February (2016-17) against target of Rs 2,076 billion, reflecting a shortfall of Rs 161 billion. Thus, the FBR has to collect Rs 1,706 billion in the remaining period of March-June 2016-17 to meet the annual target for Rs 3,621 billion by the end of current fiscal year.
Reportedly, the FBR had provisionally collected Rs 227 billion in February 2017 against monthly target of Rs 250.6 billion, reflecting a shortfall of Rs 23.6 billion. Data further revealed that the FBR provisionally collected Rs 1,915 billion during July-February (2016-17) against target of Rs 2,076 billion, reflecting a shortfall of Rs 161 billion. The Board has provisionally collected Rs 1,915 billion during July-February (2016-17) against Rs 1,773 billion, reflecting a growth of 8 percent.