Revenue collection falls short of target
Islamabad: The Federal Board of Revenue (FBR) collected Rs1, 199 billion during the first seven months (July-Jan) of this fiscal year against the projected target of Rs1, 268bn, a shortfall of Rs69bn.
The revenue collection stood at Rs1, 020bn in the same period last fiscal year.
However, in January 2014 the FBR achieved revenue collection target of Rs168bn witnessing a 26pc growth over Rs132bn collected in same month last fiscal year.
Since July 2013 the collection was on the decline.
In the budget 2013-14, the government has projected 27pc growth in monthly revenue collection in 2013-14, which has largely been missed.
Provisional data showed that direct tax collection reached to Rs439bn in July-Jan 2013-14 as against Rs385.523bn in the same period last year, an increase of 13.87pc.
The sales tax collection rose 21.65pc to Rs564.68bn in July-Jan 2013-14 compared to Rs464.155bn in the corresponding period last year. The growth in sales tax collection was because of increase in the sales tax rate and rise in the price of petroleum products.
The FED collection soared by 14.4pc to Rs69.73bn as against Rs60.918bn the same period last year.
A paltry growth of 2.3pc was recorded in collection of customs duties as revenue collection stood at Rs129.088bn as against Rs126.178bn last year.