The start of the new financial year seems to be very positive as CBR paid a huge amount of Rs 5 billion as sales tax refund to exporters in July 2004, while provisional sales tax collection from both import and domestic stages stood at Rs 14.2 billion against last year's July collection of Rs 10.2 billion--an increase of Rs 4 billion.
Tax officials opined that the provisional revenue collection of Rs 28.6 billion would increase after compilation of final figures in coming days.
According to the break-up, the collection of sales tax was Rs 14.2 billion; custom duty Rs 7.0 billion; direct taxes Rs 5.2 billion and central excise duty (CED) Rs 2.2 billion.
Officials said that the government would achieve the ambitious target of Rs 580 billion in 2004-05 through broadening of tax base, simplification of law, and strengthening of economy keeping in view the growth target.