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ISLAMABAD: The Federal Board of Revenue (FBR) has provisionally collected Rs 993 billion during first quarter (July-September) of 2020-21 against the quarterly target of Rs 969 billion, reflecting an increase of Rs 24 billion.

Sources said that the FBR has extended the date for filing of income tax returns till December 8, 2020.

Till now, the FBR received less than 300,000 returns till late Wednesday night.

According to the provisional revenue collection figures compiled by the FBR here on Wednesday, the FBR has collected Rs 993 billion during first quarter (July-September) of 2020-21 against Rs 959 billion during the corresponding period of 2019-20, reflecting an increase of Rs 34 billion. The FBR will officially release revenue collection figures on Thursday (today). Sources told Business Recorder that the FBR has surpassed the revenue collection target of approximately Rs 970 billion set for first quarter of 2020-21, they added.

The FBR has collected Rs 400 billion during the month of September 2020 against the target of Rs 418 billion for the said month, reflecting a shortfall of Rs 18 billion.

The FBR has provisionally collected Rs 400 billion during September 2020 against Rs 380 billion in September 2019, showing an increase of Rs 20 billion.

The revenue collection target for the month of September has been fixed at Rs 418 billion. The target for July was fixed at Rs 243 billion and August Rs 308 billion. The quarterly target for July-September 2020-21 has been fixed at nearly Rs 969 billion to meet the annual revenue collection target of Rs 4,963 billion for current fiscal year. The FBR had collected Rs 593 billion during first two months of current financial year (July-August-2020) against the assigned target of Rs 551 billion, reflecting an increase of Rs 42 billion. Against the assigned revenue target of Rs 551 billion, FBR has collected Rs 593 billion thus showing an increase of Rs 42 billion and 108 percent of the assigned target. The revenue collection in the first two months of previous year 2019-20 was Rs 582 billion whereas it is increased to Rs 593 billion this year.

In July 2020, the FBR has collected Rs 300 billion against the assigned revenue target of Rs.243 billion, overshooting the target by a staggering Rs 57 billion. Thus, the FBR has collected Rs 293 billion during August 2020 against the monthly target of Rs 308 billion, reflecting a shortfall of Rs 15 billion, sources added.

Copyright Business Recorder, 2020