Home »Budgets » 2006-07 » Revenue target fixed at Rs 835 billion

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  • Jun 6th, 2006
  • Comments Off on Revenue target fixed at Rs 835 billion
The government has fixed Rs 835 billion revenue target for financial year 2006-07, which is Rs 120 billion higher as compared to the revised target of Rs 715 billion for the 2005-06. However, it is Rs 145 billion more than the original target of Rs 690 billion set for fiscal 2005-06.

Direct taxes receipts have been projected at Rs 270 billion, higher by Rs 36 billion than the revised target of Rs 234 billion for the ongoing fiscal.

The share of indirect taxes has been projected at Rs 565 billion, Rs 85 billion higher than the previous year''s figures of Rs 480 billion.

The government has fixed income tax collection target at Rs 257 billion against 2005-06 revised target of Rs 215 billion.

According to the break-up, customs duty estimates have been projected at Rs 157 billion, as compared to Rs 136 billion revised estimates for the year 2005-06. The customs officials have been given assignment to generate Rs 21 billion more during the next financial year.

Sales tax target has been enhanced to Rs 341 billion, from Rs 286 billion. This indicates that the sales tax wing will have to collect Rs 55 billion more.

The share of federal excise duty (CED) has been fixed at Rs 68 billion against Rs 56 billion. The Board will have to collect Rs 12 billion more in 2006-07 from excisable commodities.

Out of total direct taxes target of Rs 272 billion, the target of capital value tax (CVT) has been projected at Rs 2900 million against last year''s estimates of Rs 4000 million.

The estimate of worker''s welfare tax (WWT) has been projected at Rs 1000 million against last year''s revised projection of Rs 5500 million.

The target of Worker''s Participation Tax (WPT), has been fixed at Rs 6500 million as compared to the revised target of Rs 7000 million.

The share of foreign travel tax has been projected at Rs 3713 million as compared to previous target of Rs 2739 million.

It has been estimated that the target of customs duty of Rs 157 billion for the next fiscal would be achieved through the import of chemicals and their products; dyes, colours, paints and varnishes; iron, steel; machinery; metals; minerals, fuel oils (POL); rubber and other products like plastic resins; vehicles; wood pulp and papers; yarn and fabrics; medical and photographic equipment and other items.

As far as excisable commodities are concerned, it has been estimated that Rs 4478 million would be generated from the beverage in 2006-2007; beverage concentrate, Rs 1777 million; cement Rs 13339 million; cigarette and tobacco Rs 25047 million; natural gas Rs 5990 million; perfumery/cosmetics Rs 599 million; petroleum gases Rs 28.900 million; POL products Rs 3878.900 million; insurance Rs 774.600 million; imported goods Rs 4272 million; recovery of excisable arrears Rs 594.900 and Rs 7567 million would be collected under the head of miscellaneous products.

Copyright Business Recorder, 2006


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