ISLAMABAD, June 30: The revenue receipts fell short of target by Rs4.4 billion during the financial year 2002-03 to Rs454.5 billion against the downward revised target of Rs458.9 billion.

Provisional figures released by the Central Board of Revenue here on Monday showed the revenue collection during the fiscal 2002-03 registered a growth of 12.5 per cent as compared to the last fiscal’s collection of Rs404.1 billion.

The government had revised downward the annual revenue target for the current financial year 2002-03 to Rs458.9 billion from the budgetary target of Rs460.6 billion.

The figures showed that three major taxes registered a negative growth against the revised targets for the fiscal under review — sales tax remained short of target by Rs6.1 billion; customs by Rs1.6 billion; and central excise duty by Rs1 billion.

Interestingly, direct taxes, which through out the financial year remained short of target, however, surpassed the target by Rs0.9 billion.

CBR officials were of the opinion that during the next two weeks more taxes would be collected, especially under the head of income tax and sales tax to achieve the revised target for the fiscal 2002-03. The tax authorities will have to collect Rs4.4 billion more to achieve the target.

Further tax-wise break-up showed the tax authorities collected Rs149.3 billion under the head direct taxes during the fiscal 2002-03 against the target of Rs148.4 billion, showing an increase of Rs0.9 billion. While in comparison to the last year’s collection of Rs142.5 billion under the same head, it registered a growth of Rs6.8 billion this fiscal.

The CBR collected Rs191.7 billion under the head of sales tax during the fiscal 2002-03 against the revised target of Rs197.8 billion, showing a decline of Rs6.1 billion. And in comparison to the last year’s collection of Rs166.6 billion under the same head, the sales tax collection this fiscal registered a growth of Rs25.1 billion this year.

Under the head of customs Rs68 billion were collected during against the target of Rs69.6 billion, showing a decrease of Rs1 billion. While in comparison to the last year collection of Rs47.8 billion under the same head, it registered a growth of Rs20.2 billion this fiscal.

The tax authorities collected Rs45.5 billion under the head of central excise duty (CED) against the target of Rs46.5 billion, registering a decrease of Rs1 billion this year. While in comparison to the last year’s collection of Rs47.2 billion under the same head, the CED collection declined by Rs1.7 billion this fiscal.