RECORDER REPORT
ISLAMABAD: The Federal Board of Revenue (FBR) has provisionally collected over Rs 753.4 billion during the first quarter (July-September) of 2017-18 against Rs 625 billion during the same period of 2016-17, reflecting an increase of Rs 128.4 billion.
Sources told Business Recorder here on Friday that the provisional revenue collection of the FBR would further increase on compilation of final figures in coming days. During the period of first quarter (July-September) of 2017-18, the gross revenue collection was Rs 793.9 billion. After payment of refunds/rebates of Rs 40.5 billion, the net collection totaled at Rs 753.4 billion.
Sources said that the revenue collection in September was Rs 305 billion, while in August 2017 it stood at Rs 237 billion and collection in July 2017 was Rs 211 billion.
The FBR would be required to collect Rs 650 billion additional revenue to achieve ambitious target of Rs 4,013 billion in the current fiscal year.
Around 19 percent growth would be required in the current fiscal year over provisional collection of Rs 3362.1 billion in the just concluded fiscal year. The committee was given briefing on the revenue collection achieved during the last fiscal year as well as on the revenue collected so far in the current fiscal year.
The revenue target of Rs 4,013 billion for fiscal year 2017-18 is based on the premise of 22.4 percent growth in customs, 22.4 percent in federal excise duties, 18.6 percent indirect taxes and 18.5 percent in sales tax.
The meeting was informed that Rs 1594.9 billion collection would be required in direct taxes against the provisional collection of Rs 1344.5 billion for the last fiscal year, followed by Rs 1579.2 billion in sale tax as opposed to Rs 1332.3 billion for the last fiscal year.
The government has estimated Rs 231.5 billion in federal excise duty (FED) and Rs 607.4 billion in customs for the current fiscal year against Rs 189.2 billion in FED and Rs 496.1 billion in customs for the last fiscal year to achieve 19 percent increase.
