ISLAMABAD, Nov 6: Despite an over all increase in the total value of imports during the first four months of the current financial year, the import receipts declined by over 16 per cent as it stood at Rs18.56 billion during the first four months against Rs22.1 billion over the corresponding period last year.
The import bill during the July-October period increased to Rs205.5 billion against Rs187.77 billion during the same period last year, showing an increase of 9.44 per cent.
The value of dutiable imports decreased by 3.01 per cent during the first four months of the current financial year to Rs117.25 billion against Rs120.89 billion over the corresponding span last year.
According to provisional figures released by Central Board of Revenue (CBR) here on Tuesday, the value of dutiable imports during the month of October stood at Rs25.58 billion against Rs28.73 billion during the same period last year, showing a decrease of 10.96 per cent.
The value of dutiable imports increased by 3.07 per cent during the first three months of the current financial year as compared to the same period last year.
The analysis showed that the duty free imports during the first four months of current fiscal increased to Rs85.44 billion this year from Rs68.46 billion during the same period last year, showing an increase of 24.8 per cent.
However, the duty free imports registered marginal growth in October of the current fiscal as it stood at Rs20.02 billion against Rs20.27 billion over the corresponding span of last year.
Official sources told Dawn, that due to decline of 3.01 per cent in dutiable imports during the first four months of the current fiscal, the effective rate has also been declined from 18 per cent last year to 16 per cent during the same period in the current financial year.
The total revenue was based on 40 per cent of the total dutiable import of the country as it declined by 3.01 per cent during the first four months of the current financial year, the government would not be in a position to achieve the original projected revenue target.
Furthermore, the revenue would also be affected as the GDP growth projected for the current year was 4 per cent, but due to the prevailing tension in the region, it would be around 2.5 per cent during the current financial year, according to State Bank of Pakistan report.
The source said that keeping in view, the drastic decline in imports and imminent negative growth of GDP, the government has no option but to further revise the budgetary target from Rs443.7 billion.
The CBR has so far collected Rs109 billion in first quarter against the target of Rs116.6 billion registering a negative growth of 6.51 per cent.