ISLAMABAD, March 18: Despite thrice downward revision in the annual tax target, the revenue receipts fell short by 21.11 per cent to Rs27.61 billion against the target of Rs35 billion in February of this fiscal.

When compared with last year collection of Rs30.8 billion, it fell by 10.35 per cent.

In July-Feb period, the revenue receipts declined by 3.6 per cent to Rs234.93 billion against Rs243.80 billion collected during the same period last year.

Against the target of Rs242.29 billion set for the eight months of the current financial year, it declined by 3.03 per cent. Official sources attributed the shortfall to the fall out of September 11.

The officials conceded that it would be very difficult for the CBR to achieve the thrice revised revenue collection target of Rs414 billion set for the current financial year.

To achieve the target means the tax authorities will have to collect Rs179 billion during the March-June period of the current financial year against Rs148.5 billion, it netted during the same period last year, an increase of 20.5 per cent or Rs30.5 billion.

Tax analyst were of the opinion that due to prevailing conditions in the region and world wide recession in the economy, the revenue collection would hardly be close to Rs4,000 billion.

Official figures available with Dawn, showed that the tax authorities collected Rs83.68 billion under the head of direct taxes against Rs76.27 billion collected during the same period last year, while in comparison with target of Rs85.15 billion of the same period, it declined by 1.72 per cent.

Under the head of indirect taxes, Rs151.24 billion were collected during the July-Feb period this year against Rs167.53 billion collected during the same period last year, showing a decline of 9.7 per cent.

When compared with the target of Rs156.14 billion, it fell by 3.17 per cent.

Further break up showed that the tax authorities collected Rs99.29 billion under the head of sales tax during the July-Feb period this year against Rs96.73 billion it collected during the same period last year, an increase of 2.87 per cent, while in comparison with the target of Rs100.97 billion, it declined by 1.66 per cent.

Under the head of central excise duty Rs27.32 billion were collected during the same period this year against Rs31.6 billion collected during the same period last year, showing a decrease of 13.5 per cent, while in comparison with the target of Rs27.62 billion, it declined by 1.08 per cent.

The tax authorities collected Rs24.62 billion under the head of customs duty during the July-Feb period this year against Rs39.2 billion it collected during the same period last year, showing a decrease of 37.2 per cent. When compared with the target of Rs27.42 billion set for the same period, it declined by 10.21 per cent.