Revenue grows by 3.8 percent; FBR collects Rs1,337 billion in four months

Revenue grows by 3.8 percent; FBR collects Rs1,337 billion in four months

ISLAMABAD: Federal Board of Revenue (FBR) has achieved 3.8 percent growth in revenue collection during first four months of the current fiscal year, a statement said on Monday.

The FBR collected Rs1,337 billion during July – October 2020/2021 as compared with Rs1,288 billion collected in the corresponding period of the last fiscal year.

The breakup of the collection revealed the FBR collected Rs470 billion as income tax, Rs643 billion as sales tax / federal excise duty and Rs81 billion as customs duty during first four months of the current fiscal year.

The gross collection during the first four months was at Rs1,400 billion as compared with Rs1,323 billion in the corresponding period of the last fiscal year.

The FBR collected Rs333 billion during the month of October 2020 as compared with Rs325 billion in the same month of the last year, showing only 2.46 percent growth.

The FBR said that it had issued refunds worth Rs128 billion during first four months of the current fiscal year as compared with Rs52 billion in the same months of the last year.

The FBR issued Rs15 billion in October 2020 as compared with Rs4.5 billion issued in the same month of the last year. The FBR said that despite significant increase in issuance of refunds the collection of revenue was higher in the month of October 2020. The higher amount of refund was released in order to improve economic activities.

The collection of revenue at import stage fell by 2 percent. However, the collection from domestic sources increased by 13 percent.

The FBR said that during the anti-smuggling increased significantly during the first four months of the current fiscal year. In the anti-smuggling activities, the authorities seized goods worth Rs21.48 billion during the period under review as compared with Rs13.4 billion in the corresponding period of the last fiscal year.

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