July-Oct tax collection stands at Rs492.406bn

RECORDER REPORT

ISLAMABAD: The Federal Board of Revenue has provisionally collected Rs 492.406 billion during first four months (July-October) of 2011-12 against Rs 397.043 billion in the corresponding period last fiscal year, reflecting an increase of 24 percent.

According to the revenue collection data compiled here on Tuesday, the net sales tax collection amounted to Rs 240.158 billion during first four months of 2011-12 against Rs 180.486 billion in the same period last fiscal year, reflecting an increase of 33.1 percent. Sales tax collection from imported items and goods including POL products showed an extraordinary growth of 54.8 percent during the first four months of current fiscal year.

Break-up of revenue collection revealed that the collection of Inland Revenue including direct taxes, sales tax and federal excise duty (FED) stood at Rs 435.386 billion against Rs 347.574 billion in the same period last fiscal year, reflecting an increase of 25.3 percent.

The monthly revenue collection of October 2011 was Rs 116.237 billion against Rs 103.547 billion, reflecting an increase of 12.3 percent.

The FBR data further disclosed that the collection of domestic taxes including sales tax, direct taxes and the FED showed an exceptional increase of 25.3 percent during the period under review when compared with previous fiscal year. The provisional collection of domestic taxes was Rs 435.386 billion during July-October 2011-12 against Rs 347.574 billion in the corresponding period last fiscal year.

Direct taxes collection stood at Rs 157.238 billion during first four months (July-October) of 2011-12 against Rs 129.936 billion in the corresponding period last fiscal, reflecting an increase of 21 percent.

Sales tax collection amounted to Rs 240.158 billion during the period under review against Rs 180.486 billion in the same period last fiscal, showing an increase of 33.1 percent. Sales tax collection at the import stage was Rs 137.956 billion during July-October 2011-12 against Rs 89.094 billion, showing an improvement of 54.8 percent. Sales tax collection on domestic consumption was Rs 102.202 billion during the period under review against Rs 91.392 billion in the same period last fiscal, reflecting an increase of 11.8 percent.

The collection of Federal Excise Duty (FED) was Rs 37.990 billion during first four months (July-October) of 2011-12 against Rs 37.152 billion in the corresponding period last fiscal year, reflecting an increase of 2.3 percent. The FED collection at the import stage was Rs 2.791 billion during this period against Rs 4.941 billion in the same period last fiscal, depicting a decrease of 43.5 percent. The FED collection on domestic consumption was Rs 35.199 billion during July-October 2011-12 against Rs 32.211 billion in the same period last fiscal, showing an improvement of 9.3 percent.

The collection of customs duty was Rs 57.020 billion during first four months of 2011-12 against Rs 49.469 billion in the same period last fiscal year, showing an increase of 15.3 percent.

The monthly break-up of revenue collection in October 2011 revealed that direct taxes collection was Rs 101.724 billion against Rs 91.243 billion, showing a decrease of 4.4 percent. Sales tax collection was Rs 59.746 billion against Rs 46.784 billion, showing an improvement of 27.7 percent. The collection of the FED was Rs 9.282 billion during this period against Rs 10.241 billion in the same period last fiscal year, reflecting a negative growth of 9.4 percent. The customs duty collection stood at Rs 14.513 billion during October 2011 against Rs 12.304 billion in the same period last fiscal year, reflecting a growth of 18 percent.