ISLAMABAD (October 01 2002) : The federal tax authorities have collected Rs 88.2 billion in the first quarter (July-September) of the current fiscal year 2002-03 against the target of Rs 90 billion, showing a shortfall of Rs 1.8 billion.
The collection of Rs 88.2 billion during this period is Rs 10.7 billion higher than Rs 77.5 billion collected in the same period last year showing a growth of 13.8 percent.
The CBR is expecting more revenue, particularly through income tax and sales tax sides. It is confident to generate an additional amount of Rs 2 billion after compilation of final figures by October 10, 2002.
According to monthly break-up of the provisional figures, sales tax receipts in September were Rs 16.5 billion, income tax Rs 10.3 billion; custom duty Rs 4.9 billion and collection of central excise duty (CED) was Rs 3.3 billion.
These are provisional figures complied here on Monday on the basis of tax data received from regional collectorates. However, the collection does not included the actual tax collected on Monday as all income tax, customs, sales tax and central excise offices remained open till midnight.
The tax managers were optimistic to reach Rs 90 billion after compilation of final figures, which is likely to cover the present shortfall. The amount of Rs 90 billion in July-September 2002-2003 against Rs 77.5 billion in previous quarter would take the growth to 16 percent.
If the CBR manages to collect Rs 90 billion during first quarter this fiscal, it would escalate the growth to Rs 12.5 billion against the collection of Rs 77.5 billion during corresponding period last financial year.
The tax agency collected Rs 35 billion in September, which was Rs 4.1 billion higher than last year's collection of Rs 30.9 billion during the same period. As claimed by the CBR officials, the expected collection of Rs 37 billion in September means that the total collection in September 2002 would take a jump from Rs 35 billion to Rs 37 billion, an increase of Rs 2 billion.