ISLAMABAD: The Federal Board of Revenue (FBR) has provisionally collected net revenue of Rs1,395 billion during the first quarter (July-September) 2021-22 against the set target of Rs1,211 billion, exceeding target by Rs186 billion.
The FBR has released the provisional revenue collection figures for the first quarter of current FY 2021-22.
The tax machinery has provisionally collected Rs1,395 billion during first three months of 2021-22 against Rs1,011 billion during the same period of the last fiscal year, reflecting a growth of Rs384 billion. The FBR has registered historic revenue collection growth of 38.3 percent during the first quarter of the current fiscal year.
According to the provisional information, the net collection for the month of September 2021 realised Rs535 billion, representing an increase of 31.2 percent over Rs408 billion collected in September 2020.
These figures would further improve before the close of the day and after book adjustments have been taken into account.
On the other hand, the gross collections increased from Rs1,059 billion during July-September 2020 to Rs1,454 billion in the current financial year, showing an increase of 37.3percent.
The amount of refunds disbursed was Rs59 billion during July-September 2021 compared to Rs49 billion paid last year, reflecting an increase of 20.2 percent.
This is reflective of the FBR’s resolve to fast-track refunds to prevent liquidity shortages in the industry.
After collecting over Rs4.7 trillion and exceeding its assigned revenue targets set for tax year 2020-21, the FBR has successfully maintained the momentum set in July 2021.
Its tax collection posted historic high growth in first quarter of the current fiscal year.
During the first quarter, the FBR has far surpassed its revenue target by Rs186 billion. This spectacular performance at the outset of the year shows that the FBR is well on its way to achieving the assigned target of Rs5,829 billion for the year despite, the daunting challenges, compelling constraints posed by the corona pandemic, and sporadic tax cuts announced by the government as relief and price stabilisation measures.
Copyright Business Recorder, 2021
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