ISLAMABAD, June 7: The government has fixed Rs510 billion annual revenue target for the financial year 2003-04 as against the revised target of Rs458.9 billion for the fiscal 2002-03, an increase of 11.13 per cent.

Official figures released in the budget 2002-03 here on Saturday, the government projected that Rs161.1 billion to be collected under the head direct taxes during the year under review against the revised target Rs145 billion of the year 2002-03, indicating an increase of 11.1 per cent.

The tax authorities will collect Rs348.9 billion under the head of indirect taxes against the revised target of Rs313.9 billion for the year 2002-03, showing an increase of 11.1 per cent.

Further break-up showed that Rs223.1 billion will be collected under the head of sales tax against the revised target of Rs197.8 billion of last year, showing an increase of 12.79 per cent, while Rs47.7 billion have been projected to be collected under the head of central excise duty during the year 2003-04 against the revised target of Rs46.5 billion of the year 2002-03, showing an increase of 2.58 per cent.

And the tax authorities will collect Rs78.1 billion under the head of customs duty during the same period under review against the revised target of Rs69.6 billion of 2002-03, showing an increase of 12.2 per cent.