ISLAMABAD: The net tax collection of the Federal Board of Revenue (FBR) has reached Rs2,580 billion during July-January (2020-21) against the target of Rs2,550 billion, reflecting an increase of Rs30 billion.

According to the updated figures of revenue collection compiled here on February 2, 2021, the FBR has collected Rs2,580 billion during July-January (2020-21) against Rs2,412 billion in the same period of 2019-2020, showing a growth of seven percent.

Official sources told Business Recorder that the updated figures have shown a growth of seven percent during July-January (2020-21), but the total amount also included the first day collection of February 2021. According to the breakup of revenue collection July-January (2020-21), the net domestic taxes collection (income tax, sales tax and Federal Excise Duty) amounted to Rs2,175 billion against Rs2,031 billion, reflecting a growth of 7.1 percent. The net direct taxes collection was Rs946.719 billion against Rs897.45 billion, reflecting a growth of 5.5 percent.

The net sales tax collection stood at Rs1,082 billion against Rs990.215 billion, showing a growth of 9.4 percent. The FED collection amounted to Rs145.715 billion against Rs144.234 billion, showing a growth of one percent.

The net collection of the customs duty stood at Rs404.971 billion against Rs380.329 billion, showing a growth of 6.5 percent.

Copyright Business Recorder, 2021