Punjab attains 44pc revenue growth in first quarter of current FY

• Punjab collects Rs 77 billion revenue registering 44 percent growth in first quarter of current fiscal year.
• It was informed that Rs 388 billion revenue collection target was fixed for Punjab during ongoing fiscal year 2019-20.

LAHORE: Punjab has collected Rs 77 billion revenue registering 44 percent growth in first quarter of current fiscal year (FY) as compared to corresponding period of last FY, despite tough conditions for provinces by federal government to get share in federal divisible pool of resources.

This was disclosed in the first quarter review meeting of Finance Department's Chief Minister Special Monitoring Unit (CMSMU) chaired by Provincial Finance Minister Makhdoom Hashim Jawan Bakhat.

Provincial Industry and Trade Minister Mian Aslam Iqbal, CMSMU Head Fazeel Asif, Lahore Division Commissioner Dr Mujtaba Paracha, Finance Secretary Abdulah Sumbal and other official concerned attended the meeting.

The meeting was briefed that despite the financial backlog left by the previous government, the government had given Rs 233 billion surplus budget to federal government to meet the IMF program conditions.

It was informed that Rs 388 billion revenue collection target was fixed for Punjab during ongoing fiscal year 2019-20 which was 44 per cent higher than the last fiscal year.

The 13th meetings of the resources mobilization committee got approved Rs 41 billion worth schemes through cabinet. Rationalization of the subsidy was also approved for WASA and transport departments.

The Punjab Revenue Authority (PRA) registered 19 per cent growth in revenue, besides aligned the real time invoice monitoring system with FBR STRIVE system. Further, provisional committee for 9th NFC Award was also constituted.

The Cabinet Committee for Finance and Development logically rejected Rs 7.7 billion supplementary grants besides disposing of 488 agendas of the 17 meetings. The austerity committee ensured saving of Rs 1.1 billion from different schemes.

The Finance Department achieved a milestone of launching of E-Pay application for the payment of all taxes which was the firstever in Pakistan. The E-Pay Punjab would also helpful in improving the ease of doing business in the province.

On this occasion, Finance Minister Makhdoom Hashim Jawan Bakhat directed the Finance Secretary to bring the issues of WASA and Housing Projects in resource mobilization committee meeting, besides ensuring the importance and usefulness of the suggestion of revenue generation of the resource mobilization committee to all elected representatives.

While, Provincial Trade and Industry Minister Mian Aslam Iqbal expressed concerns over the performance of Bank of Punjab and stressed the need for promoting the SMEs, easy loans for housing schemes, agriculture loans and adopting the culture of commercialization.

Earlier, the minister chaired the meeting of the Communication and Works and approved the second phase of Naya Pakistan-Manzilan Assan Project.