ISLAMABAD, April 13: Despite thrice downward revision in the annual tax target, the revenue receipts fell short by 3.46 per cent to Rs269.23 billion against the target of Rs278.89 during the July-March period of the current financial year.

When compared with the last year collection of Rs276.67 billion, it fell by 2.68 per cent this year during the same period.

And the revenue receipts during the month of March fell by 6.28 per cent to Rs34.3 billion against the target of Rs36.6 billion set for the same month this year.

The revenue receipts fell short by 21.11 per cent during February 2002 as it stood at Rs27.61 billion against the target of Rs35 billion.

Official figures released by the Central Board of Revenue (CBR) here on Saturday, showed that the tax authorities have collected Rs269.23 billion during July-March of the current financial year against Rs276.75 billion, it netted during the same period last year, showing a decline of 3.46 per cent.

Further break-up showed that Rs95.88 billion were collected under the head of direct taxes during July-March against the target of Rs98.45 billion set for the same period this year, registering a negative trend of 2.61 per cent, while in comparison to the collection of last year at Rs86.87 billion, it registered an increase of 13.3 per cent.

Under the head of indirect taxes, Rs173.35 billion were collected during the period against the target of Rs179.84 billion set for the same period, showing a decline of 3.6 per cent, while in comparison to the last year collection of Rs189.79 billion, it fell by 5.24 per cent.

Tax wise break up showed that the tax authorities collected Rs114 billion under the head of sales tax during the July-March period against the target of Rs116.37 billion, showing a decline of 1.95 per cent, however, when compared to the last year collection of Rs108.34 billion, it registered an increase of 4 per cent .

Under the head of customs, Rs28.85 billion were collected against the target of Rs34.42 billion set for the same period this year, a decline of 16.18 per cent, while in comparison to the last year collection of Rs46.26 billion, it fell by 37.6 per cent during the same period this year.

On monthly basis, the revenue collection during the month of March stood at Rs34.3 billion against Rs32.9 billion the same month last year, showing an increase of 4.25 per cent.

Vakil Ahmed Khan, Member Direct Taxes and CBR spokesman, told Dawn that the decline registered in the revenue collection under the head of direct taxes was due to the highest target set for the same period.

Khan, however, said that it was expected to achieve the target under the head of direct taxes in the next month.

He said that lower dutiable imports and appreciation of the rupee against the dollar was also one of the major factor for low revenue collections under the head of sales tax and customs.