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April 2014: MCC Appraisement-East records shortfall of Rs6.95b

April 2014: MCC Appraisement-East records shortfall of Rs6.95b

KARACHI: Model Customs Collectorate of Appraisement-East has lagged behind its revenue collection target set by the Federal Board of Revenue for the month of April, 2014.

According to the sources, the FBR had set a revenue target of Rs 20,036.92 million for the month of April, 2014 for MCC Appraisement-East in share of customs duty, sales tax, withholding tax and federal excise duty altogether. However, it has collected total revenue of Rs 13,085.16 million with a shortfall of Rs 6,951.76 million.

Sources told Customs Today that the MCC Appraisement-East has collected Rs 3,673.14 million in share of customs duty against the set target of Rs 5,997.46 with a shortfall of Rs 2,324.32 million.

The collectorate has collected Rs 7,328.36 million in share of sales tax against the target of Rs 9,828.56 million with a shortfall of Rs 2,500.2 million.

MCC Appraisement-East has collected an amount of Rs 1,957.25 million in share of withholding tax against the target of Rs 4,151.5 million with a shortfall of Rs 2,194.25 million.

The collectorate has collected a sum of revenue of Rs 59.4 million in share of federal excise duty against the set target of Rs 126.42 million with the difference of Rs 67.02 million.

It is pertinent to mention here that the MCC Appraisement-East has a history of collecting huge revenue in the past as during the fiscal year 2013-14. Sources informed this scribe that the major reason for shortfall in revenue collection was a massive decline in imports at Karachi port.