Provisional figures: Rs 352 billion collected in first quarter

The Federal Board of Revenue has provisionally collected over and above Rs 352 billion during first quarter of July-September of current fiscal year against Rs 276 billion in the corresponding period last fiscal, reflecting an increase of 29 percent.
According to the revenue collection data complied here on Friday, the provisional revenue collection amounted to over Rs 352 billion during first quarter of current fiscal year. This data is related to the period of July-September 29, 2011. Break-up of revenue collection revealed that the collection in Inland Revenue including direct taxes, sales tax and federal excise duty (FED) stood at Rs 313 billion against the target of Rs 320 billion, reflecting a shortfall of Rs 7 billion.
The monthly revenue collection of September 2011 was Rs 127.3 billion against Rs 98.96 billion, reflecting an increase of Rs 28.34 billion. The FBR data further disclosed that the collection of domestic taxes including sales tax, direct taxes and the FED showed an exceptional increase of 30 percent during the period under review when compared with previous fiscal. The provisional collection of domestic taxes was Rs 313 billion during July-September 2011-12 against Rs 240 billion in the corresponding period of last fiscal.
Sources told this scribe here on Friday that the FBR would be able to surpass the target of Rs 320 billion set for Inland Revenue covering sales tax, income tax and the FED during the first quarter of 2011-11. On the other hand, the FBR has collected over Rs 40 billion to meet the target of customs duty during current fiscal. So far, the collection does not include revenue collected on last day of the month ie September 30, 2011. Once the final figures are being compiled the FBR would be able to amass the quarterly target of Rs 362 billion during the period under review.
On compilation of final figures including collection on June 30, 2011 would enable the tax authorities to cross revenue collection target of Rs 362 billion during current fiscal year. The revenue collection figures from far flung areas and reconciliation of data would help the tax department to cross the psychological barrier of Rs 362 billion in the next coming days.