The Central Board of Revenue (CBR) has collected Rs 434.7 billion during eleven months of the current fiscal year, against Rs 392 billion of last year, reflecting an increase of Rs 42.7 billion.
Out of total provisional collection of Rs 434.7 billion, major chunk of revenue was from sales tax side (Rs 191 billion). Sales tax collection during July-May 2003-04 was only Rs 32.1 billion short of annual target (Rs 223.1 billion).
The data clearly shows that GST collection from both import and domestic consumption remained satisfactory.
Sources said that the overall collection of Rs 434.7 billion during July-May (2003-2004) was Rs 75.3 billion short of the laid down target of Rs 510 billion. However, after compilation of final figures the gap was likely to reduce substantially.
Last year, the revenue target for May 2003 was Rs 41 billion, which was easily surpassed by the tax agency while collection in June 2003 stood at Rs 67 billion. Keeping in view the past revenue collection trend, it seems that the CBR would comfortably surpass the annual target of Rs 510 billion.
International Monetary Fund (IMF) has also shown optimism that CBR will surpass the laid down target of Rs 510 billion.
According to a release here on Monday, the tax managers are confident to collect more revenue after compilation of final figures in the next 10 days.
The collection of Rs 434.7 billion up to May 31, 2004 marks an improvement of 10.9 percent over last year's collection.
Tax-wise break-up during July-May 2003-04 shows that Rs 191 billion was collected as sales tax; Rs 128.2 billion as income tax; Rs 76.7 billion as custom duty and Rs 38.8 billion was collected as central excise duty (CED).
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