ISLAMABAD, May 31: The tax authorities have collected Rs390 billion during the July-May period of 2002-03 against target of Rs391.9 billion set for the same period.

Provisional figures released by the Central Board of Revenue (CBR) here on Saturday showed that the revenue collection registered an increase of 13.5 per cent when compared to Rs343.538 billion collected during the same period last year.

CBR official spokesman Vakil Ahmed Khan said that the CBR would meet the revenue target set for the period under review. He said that within next 10 days the shortfall would be bridged when the collection for the month of May 2003 was finalized.

Mr. Khan said that the government has already reduced the revenue collection target for the current fiscal year from Rs460.4 billion to Rs458.9 billion.

He said that the tax authorities would have to collect Rs67 billion in the month of June 2003 to meet the target. The revenue collection was Rs60.5 billion during June 2002.

The statistics showed that the revenue collection registered a constant growth of 15 per cent during the last 10 months which declined to 13 per cent in May 2003 over the same period of last year.

It was only the customs duty which registered a growth vis-a-vis target, while the collection from sales tax and central excise also remained short of target during the period under review.

Further tax wise break up showed that tax authorities collected Rs170.8 billion under the head of sales tax during the July-May period this year against Rs145.407 revenue collection under the same head last year, showing an increase of 17.46 per cent.

The revenue collection under the head of customs duty registered an increase of more than 53 per cent to Rs59.2 billion against Rs38.587 billion during the same period of last year.

The collection under the head of central excise duty (CED) stood at Rs39.9 billion during the period under review against Rs40.769 billion collection of last year, showing a decline of 2.13 per cent.

The tax authorities collected Rs120.2 billion under the head of income tax during the period against Rs118.794 billion during the same period of last year, showing an increase of 1.18 per cent.