Rs3bn more than target: Provisional collection exceeds Rs659bn in July

ISLAMABAD: The Federal Board of Revenue (FBR) has provisionally collected over Rs659 billion in July 2024 against the assigned target of Rs656 billion, reflecting an increase of Rs3 billion.

The FBR has successfully achieved the revenue collection target for the first month of current fiscal year (2024-25).

The FBR has collected over Rs659 billion in July 2024 against Rs542 billion collected in July 2023, showing an increase of Rs117 billion.

FBR, PRAs at loggerheads over harmonization of tax collection

According to the data compiled by the FBR on Wednesday, income tax collection amounted to Rs300.2 billion during July 2024. Sales tax collection during the month stood at Rs307.9 billion. Customs duty collection totaled at Rs91.7 billion and collection of Federal Excise Duty (FED) remained Rs37.4 billion during July 2024.

The gross tax collection stood at Rs737.2 billion in July 2024. After payment of refunds of Rs77.9 billion, the net tax collection stood at Rs659.2 billion during this period.

Copyright Business Recorder, 2024