ISLAMABAD: The Federal Board of Revenue (FBR) collected Rs286.798 billion in March 2016 as against Rs229.574bn during the same month last year, an increase of 24.92 per cent.

“We are expecting more revenue when the figures were reconciled in the next few days,” a senior tax official told Dawn on Thursday.

The shortfall of Rs40bn witnessed in the first quarter (July-October) of this fiscal year was mostly recovered in the last few months, the official said, adding that it would be brought to nil in the current month (April).

The government has projected a revenue collection target of Rs300bn for March 2016 and Rs3.104 trillion for 2015-16.

On the basis of revenue target, the finance ministry projected a budget deficit target of 4.3pc of GDP.

The FBR collected around Rs1.8tr during the first eight months (July-February) of this fiscal year.

Tax-wise data shows Rs256.9bn was collected as Inland Revenue tax during the month under review as against the upward revised target of Rs273bn, reflecting a shortfall of 5.89pc.

Finance Minister Ishaq Dar has projected a revenue collection target of Rs261bn for the month of March 2016. The target was revised upward to adjust the shortfall of the previous months, the tax official said.

The income tax collection stood at Rs123.58bn in March 2016 as against Rs95.84bn over the same month of last year, an increase of 28.9pc. We are expecting Rs2bn to Rs3bn in the next few days due to book adjustments.

The sales tax collection rose 20.4pc to Rs115.44bn in March 2016 from Rs95.86bn a year ago.

The federal excise collection reached Rs17.58bn during the month under review as against Rs15.84bn over the same month last year, an increase of 10.98pc.

The customs collection reached Rs34.84bn in March 2016 as against Rs27.064bn over the corresponding month of last year, showing an increase of 28.7pc. The FBR has paid out an amount of Rs4.6bn as refund in March 2016.

The growth in revenue collection was mainly because of additional duties imposed at imports of luxury items and record sales tax on oil products.

Published in Dawn, April 1st, 2016