ISLAMABAD, June 6: The government on Monday increased the revenue collection target by 16.9 per cent to Rs690 billion for the fiscal year 2005-06 as against the revised target of Rs590 billion for 2004-05.
Official figures released in the budget for 2005-06 showed that the government had projected Rs215.4 billion under the head of direct taxes during the fiscal year 2005-06 as against the revised target of Rs182.7 billion for 2004-05, an increase of 17.89 per cent.
And the revenue collection under the head of indirect taxes — customs, sales tax and central excise — on commodities and transactions increased by 16.52 per cent to Rs474.6 billion for the fiscal year 2005-06 as against the revised target of Rs407.3 billion for 2004-05.
The tax-wise break-up of direct taxes showed the government fixed Rs205.9 billion to be collected under the head of income tax during 2005-06 as against the revised target of Rs175.4 billion, showing an increase of 17.38 per cent.
The government fixed a target of Rs9.500 billion to be collected under other taxes of the direct taxes head during the year under review as against the revised target of Rs7.300 billion for 2004-05, indicating an increase of 30.1 per cent.
The government has increased the customs collection target by 6.4 per cent to Rs121.2 billion for the fiscal year 2005-06 as against the revised target of Rs113.9 billion for 2004-05.
The collection under the head of sales tax has been increased by 23.01 per cent to Rs294 billion for 2005-06 as against the revised target of Rs239 billion for 2004-05. The federal excise duty collection has also been increased by 9.19 per cent to Rs59.4 billion as against the revised target of Rs54.4 billion during the year 2004-05.
