ISLAMABAD, July 31: The revenue receipts increased by 11.67 per cent to Rs22 billion during the first month of the financial year 2002-03 against Rs19.7 billion the same month last year.

The three major sources of revenue — sales tax, customs duty and income tax — registered a marginal growth during July in comparison to that of the last year.

However, it was the central excise duty which showed decline during the same month in comparison to that of the last year.

The increase in the revenue was a result of the levy of 15 per cent General Sales Tax (GST) on vegetable ghee, cooking oil, all kinds of fertilizers, pharmaceuticals and 20 per cent GST on import of edible oils and more than 200 raw materials.

Provisional figures released by the Central Board of Revenue (CBR) here on Wednesday, showed that the tax authorities collected Rs4.4 billion under the head of income tax during July against Rs4.28 billion the same month last year, showing an increase of 5 per cent.

Under the head of sales tax Rs12 billion was collected against Rs10.14 billion over the corresponding month of last year, showing an increase of 18.34 per cent, while Rs3.5 billion was collected under the head of customs duty against Rs2.75 billion, an increase of 27.27 per cent.

The tax authorities collected Rs2 billion under the head of central excise duty (CED) during July against Rs2.49 billion revenue collected the same month last year, showing a decline of 19.67 per cent.

Member, Direct Taxes and CBR official spokesman, Vakil Ahmed Khan claimed that the revenue collection in the month of July might exceed Rs22 billion.

He said that the growth in the revenue collection in the month of July occurred despite higher payments of refunds of customs and sales tax.

The tax authorities paid out Rs7.7 billion refunds during July against Rs6.8 billion in the same month last year, showing an increase of 14.92 per cent.

The target set for the current financial year was Rs460.6 billion against the last year’s collection of Rs403.4 billion, an increase of 14.17 per cent.