ISLAMABAD- Federal Board of Revenue (BFR) has collected Rs 139.7 billion during first two months (July-August) of the new financial year, which is 11.2 per cent of the total tax target. Of the total, an amount of Rs 102.1 billion was accumulated through indirect taxes, which is about one-fourth of the total two-month collection. The direct taxes collection stood at Rs 37.6 billion, which is about 27 per cent of the total taxes. The government has given a revenue collection target of Rs 1250 billion to the FBR. Out of which Rs 754 billion, 60.3 per cent of the total target, is to be collected under sales tax, federal excise duty and customs duty, all three indirect taxes. The direct tax target for the whole year is Rs 496 billion, which is 39.7 per cent of the annual projection. The first two months' trends show that so far the tax authorities have not succeeded in to keeping a balance between the given ratio of indirect and direct collection.   During July, the first month of new financial year, the FBR could only generate 26 per cent of the monthly collection as direct taxes.    The FBR said it has surpassed the revenue target of Rs 134.8 billion, fixed for July -August. The provisional tax collection indicates a cumulative growth of 25.7 per cent over the same period of the last financial year. The net collection during the period has been Rs 139.7 billion as against Rs 111.1 billion during the same period of last year. The revenue on account of direct taxes has shown an increase of 29.1 per cent over the last year. The FBR collected Rs 37.6 billion against Rs 29.1 billion the last year. The sales tax collection has reached to Rs 65.4 billion against Rs 55.1 billion, indicating a growth of 18.8 per cent over the year.  The annual sales tax target is Rs 472 billion. The tax receipts on account of federal excise have registered a growth of 74.4 per cent, during the period under review. The collection has reached to Rs 14.7 billion as against Rs 8.4 billion in the corresponding period of the last year. The revenue from customs duties has increased by 19 per cent over the corresponding period of last year. The net collection has been Rs 22 billion against Rs 18.5 billion the last year. During August, provisional tax collection stood at Rs 66.9 billion. Of the total taxes, direct taxes were Rs 18.9 billion, sales tax Rs 31.9 billion, federal excise Rs 6.5 billion and customs duty Rs 9.6 billion. Through a notification the FBR has further extended the date for online submission of Sales Tax and Federal Excise Returns for the tax period July 2008 up to 5th September 2008. However, the last date for payment of due taxes shall remain unchanged at 20th August 2008 as extended vide Sales Tax Circular No. 05/2008 dated 16.08.2008.