The Central Board of Revenue has surpassed revenue collection target of Rs 292.5 billion by collecting Rs 303.742 billion during July-January (2004-05), reflecting an increase of Rs 11.242 billion. According to the latest figures issued on Thursday, the collection of Rs 303.742 billion in July-January 2004-05 was Rs 6.542 billion more than the provisional figure of Rs 297.2 billion. The CBR has paid a huge amount of Rs 55.9 billion as refund and rebates in July-January (2004-05) to the business community.

The CBR has collected Rs 303.742 billion in first seven months of the current fiscal against Rs 274.174 billion collected in the corresponding period last financial year reflecting an increase of Rs 29.56 billion.

During July-January (2004-05), direct taxes collection was Rs 87.454 billion against Rs 82.196 billion, showing an increase of 6.4 percent.

The collection of sales tax was Rs 128.6 billion against Rs 120 billion collected during the same period last fiscal, reflecting an increase of 6.8 percent.

The collection on account of custom duty was Rs 59.9 billion against Rs 48.5 billion in the previous year, showing a growth of 23.6 percent. Collection of central excise duty (CED) was Rs 27.7 billion against Rs 23.05 collected in the same period last fiscal, showing an improvement of 20.5 percent.

The monthly provisional collection in January was Rs 41.252 billion. According to the break-up, direct taxes collection was Rs 9.067 billion; sales tax, Rs 19.2 billion; central excise, Rs 4.2 billion and collection of custom duty was Rs 8.7 billion in January 2005.

Copyright Business Recorder, 2005