Rs 112.75 billion to be collected in June to achieve target

As revenue collections have reached Rs 722.25 billion in July-May 2006-07, the Central Board of Revenue (CBR) has to collect Rs 112.75 billion in June to meet the target of Rs 835 billion of the current fiscal year.
According to updated figures compiled on Monday, the Board had collected Rs 722.25 billion in July-May against Rs 610.6 billion in the corresponding period of last fiscal year, indicating a growth of 18.3 percent.
Sources told Business Recorder that the current pace of 18 percent growth seemed to reflect in revenue collection of July-June (2006-07 full year). Keeping in view different growth indicators, the current pace of revenue collection is likely to continue by the end of the current fiscal year, sources added.
The break-up shows that direct taxes collection was Rs 272 billion during eleven months of 2006-2007 against Rs 181.9 billion, showing an increase of 49.9 percent. Indirect taxes collection was Rs 449.55 billion during the period under review against Rs 428.62 billion in the same period 2005-2006, reflecting an increase of 4.9 percent.
Sales tax collection was Rs 273.21 billion against Rs 259.1 billion, indicating a growth of 5.5 percent. GST collection at the import stage was Rs 157.75 billion against Rs 152.018 billion, showing a growth of 3.8 percent, whereas GST collection on domestic consumption was Rs 115.45 billion against Rs 107 billion, reflecting an increase of 7.8 percent.
The collection of Federal Excise Duty (FED) reached Rs 62.05 billion against Rs 51.6 billion in the corresponding period last year, showing an increase of 20.4 percent. The CBR collected Rs 114.279 billion as customs duty during July-May 2006-07 against Rs 117.99 billion of last year, showing a decrease of 3.1 percent.
The board has specified that the growth in total imports was 9.7 percent during July-May. During this period, the import of dutiable goods was less by 3.3 percent vis-à-vis comparative period of last year, whereas increase in duty-free imports showed a growth of 33 percent.
Major setback in customs revenue collection was reduction in the import of old and used vehicles by almost 40 percent due to capping of maximum age of 5 years for the import of vehicles, the board added.
The collection of federal taxes during May 2007 totalled at Rs 65.75 billion. During June, direct taxes collection was Rs 19.82 billion; sales tax Rs 27.42 billion; federal excise duty, Rs 7.31 billion and collection of customs duty was Rs 11.20 billion during this month.
The board paid Rs 77.73 billion as refund and rebate to the exporters during eleven months of current year. Out of total refund/rebates, sales tax refund of Rs 36 billion was paid during the period under review. The income tax refund amounted to Rs 29.400 billion during July-May. It is important to mention here that collection in June 2006 crossed Rs 99 billion mark against Rs 87.362 billion in corresponding period of last fiscal year.