Updated figures: Gross and net collections witness extraordinary growth YoY: FBR

ISLAMABAD: The gross and net revenue collection of the Federal Board of Revenue (FBR) witnessed an extraordinary growth of 36.7 percent and about 36.6 percent, respectively during July-October (2021-22) against the same period of last financial year.

The FBR Saturday night released the provisional revenue collection figures for July-October of current financial year 2021-22.

According to the provisional information, the FBR has collected net revenue of Rs.1,841 billion during July-October of current FY2021-22, which has exceeded the target of Rs1,608 billion by Rs233 billion. This represents a growth of about 36.6 percent over the collection of Rs. 1,347 billion during the same period last year.

The net collection for October 2021 realized Rs440 billion, representing an increase of 30.5 percent over Rs337 billion collected in October 2020. These figures would further improve before the after book adjustments have been taken into account.

On the other hand, the gross collections increased from Rs1,413 billion during July-October 2020 to Rs1,932 billion in current financial year, showing an increase of 36.7 percent. The amount of refunds disbursed was Rs91 billion during July-October 2021 compared to Rs66 billion paid last year, showing an increase of 37.7 percent.

Copyright Business Recorder, 2021