ISLAMABAD: Federal Board of Revenue (FBR) has directed all field formations to utilize all available resources to recover Rs60 billions of shortfall faced during the current fiscal in the next months, it is learnt here.
Official sources told Customs Today that FBR has reiterated the strict implementation of monthly revenue strategy and directed the field formations to take steps under Section 137 for extra revenue collection and also directed for early recovery of the outstanding dues of Rs 98.5 billion under the head of income tax (IT), federal excise duty (FED) and sales taxes, sources confirmed.
Sources said that the board also directed the field formations to take steps under Section 161 and 162 pertaining to withholding tax audit and collect extra revenue in order to recover the shortfall faced by the board in the current fiscal year.
Field formations have also been ordered to use Section 11, 25 and Section 38 of Sales Tax Act 1990 while section 46 FED Act, 2005 for the early solution of audit cases earlier selected sources add.
Sources said that FBR directed the field formations to take necessary steps for the recovery of dues which were defraud in the sales tax concessional rate.
It is important to mention here that revenue target for current Fiscal Year 2018-19 is Rs4,435 billion and the required growth is 15.4% over the collection of Rs3,842.1 billion during FY 2017-18. In absolute terms, Rs592.9 billion additional amount is needed to be collected in FY 2018-19 to meet the target.