FBR exceeds revenue collection target by ₨. 34 billion in April
The FBR (Federal Board of Revenue) surpassed its revenue collection target by ₨. 34 billion to ₨. 384 billion in April.
The collection is the second-highest in the second half of the current fiscal year (FY21).
This was revealed via provisional data collected by the tax authorities on Friday.
The net collection for April was ₨. 384 billion against a target of ₨. 350 billion, an increase of 9.7%.
Compared to the collection of ₨. 244 billion in April 2020, revenue collection posted a growth of 57%.
The FBR has collected net revenue of ₨. 3.78 trillion during the July 2020-April 2021 period, which has exceeded the target of ₨. 3.637 trillion by more than ₨. 143 billion.
This represents a growth of about 14% over the collection of ₨. 3.320 trillion during the same period last year.
Pakistan saw the imposition of lockdown from mid-March 2020 due to the Covid-19 pandemic, which led to fewer collections during the last year’s monthly collections in April 2020 and onwards.
It was the second consecutive month when collection surpassed target despite Covid-19 impact on the economy.
The number of refunds disbursed this year was ₨. 195 billion compared to ₨. 118 billion paid last year, showing an increase of 65.3%.
During the July-April period, the income tax collection stood at ₨. 1.374 trillion as against the target of ₨. 1.404 trillion, showing a shortfall of about ₨. 30 billion.
However, the income tax collection showed a growth of 9% compared with ₨. 1.262 trillion collected during the same period last year.
Meanwhile, the sales tax collection jumped 23% to ₨. 1.764 trillion in the first ten months of FY21 from Rs1.439 trillion in the same period last year.
The target was projected at ₨. 1.484 trillion, and it was surpassed by ₨. 280 billion.
Federal excise duty (FED) collections were up 8% to ₨. 223 billion as against ₨. 208 billion last year.
The FED target for July-April was set at ₨. 241 billion, which was missed by ₨. 18 billion.
Customs collection stood at ₨. 614 billion during the July-April period this year as against ₨. 595 billion over the last year, indicating a growth of 3.2%.
The target projected under Customs was ₨. 508 billion for the period under review.
In April, Customs collection posted an impressive growth indicating a revival of economic activities in the country.
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