FBR collects Rs 1,274.525 billion thus far

The Federal Board of Revenue (FBR) has provisionally collected Rs 1274.525 billion during July-May (2010-11) against downward revised annual target of Rs 1588 billion, reflecting a shortfall of Rs 313.475 billion. Sources told Business Recorder here on Saturday that the FBR has to collect an amount of Rs 31.31 billion in the remaining days of May 2011 to meet the monthly target of Rs 156 billion for current month.
As the end of May 2011 is approaching, it is becoming more difficult for the tax machinery to meet the thrice downward revised target of Rs 1588 billion for 2010-11. It would be an uphill task for the FBR to generate over Rs 31.31 billion in the three remaining days of May 2011, forcing the tax machinery to intensify administrative and enforcement measures across the country.
Sources said that the FBR has compiled latest data on revenue collection during July-May 28, 2011. The Board has provisionally collected Rs 124.690 billion during 28 days of May 2011 against the monthly target of Rs 156 billion, reflecting a shortfall of Rs 31.31 billion. The FBR has collected Rs 124.690 billion during May 2011 against Rs 89.931 billion in the corresponding period of last fiscal, reflecting an increase of 38.7 percent. Breakup shows that direct taxes collection stood at Rs 31.930 billion against Rs 23.634 billion in the corresponding period of last fiscal, reflecting an increase of 35.1 percent. The sales tax collection was Rs 66.349 billion during this period against Rs 44.522 billion in the same period last fiscal year, showing an increase of 49 percent.
The Federal Excise Duty (FED) collection stood at Rs 12.337 billion during first 28 days of current month against Rs 9.669 billion in the same period last fiscal year, reflecting an increase of 27.6 percent. The collection of customs duty was Rs 14.075 billion during this period against Rs 12.167 billion in the corresponding period of last fiscal year, showing an improvement of 16.3 percent.
The FBR latest data of July-May 2010-11 shows that the provisional collection of direct taxes stood at Rs 463.182 billion during July-May current fiscal against Rs 411.945 billion in the same period last fiscal year, reflecting an increase of 12.4 percent. The provisional collection of sales tax amounted to Rs 541.319 billion during this period against Rs 461.339 billion, showing a growth of 17.2 percent. Sales tax collection at import stage was Rs 271.805 billion against Rs 218.266 billion, showing an improvement of 24.5 percent. Sales tax collection on domestic consumption was Rs 269.514 billion against Rs 243.573 billion, showing a growth of 10.7 percent. So far, the collection of FED was Rs 114.513 billion during the period under review against Rs 104.851 billion in the same period last fiscal year, reflecting an increase of 9.2 percent.
The provisional collection of customs duty was Rs 155.511 billion during July-May current fiscal tear against Rs 137.840 billion in the corresponding period of last fiscal year, showing an increase of 12.8 percent. The FBR has paid refunds and rebate of Rs 86.001 billion during July-May 2010-2011 against Rs 712.576 billion in the corresponding period last fiscal year, reflecting an increase of 20.2 percent.