The Federal Board of Revenue has provisionally collected Rs 1,591.6 billion during July-May 18 (2012-13) against Rs 1,502.9 billion in same period last fiscal year, reflecting an increase of 5.9 percent. Sources told Business Recorder here on Tuesday that the budgetary target of Rs 2,381 billion was revised downward to Rs 2,191 billion for 2012-13.
The FBR target has been further slashed to Rs 2,050 billion by the end of 2012-13. The Board has to collect Rs 458.4 billion in remaining period of (May-June) 2012-13 to reach figure of Rs 2,050 billion. The current pace of revenue collection revealed that it would be an uphill task to even reach the figure of Rs 2,000 billion by the end of 2012-13.
According to net revenue collection figures compiled here on Tuesday, the Board has provisionally collected Rs 1,591.6 billion during July-May 18 (2012-13) against Rs 1,502.9 billion in same period last fiscal, reflecting an increase of 5.9 percent. Breakup of tax collection during first 18 days of May 2013 revealed that the total collection was Rs 86.23 billion during May 1-18 2013 against Rs 76.78 billion in the same period last fiscal, reflecting an increase of 12.3 percent.
Direct taxes collection during July-May 18 (2012-13) was Rs 576.7 billion against Rs 548.8 billion in the same period last fiscal, showing a growth of 5.1 percent. Sales tax collection was Rs 714 billion during the period under review against Rs 673.7 billion in the same period last fiscal, reflecting an increase of 6 percent.
The customs duty collection was Rs 200.7 billion during July-May 18 (2012-13) against Rs 176.1 billion during corresponding period of last fiscal, reflecting an increase of 13.9 percent. The FBR has paid refunds/rebates of Rs 82.91 billion during July-May 18 (2012-13) against Rs 129.5 billion during corresponding period of last fiscal, reflecting a decrease of 46 percent.