ISLAMABAD, Nov 02 (APP): The Federal Board of Revenue (FBR) collected gross revenues of Rs1400 billion during the first four months of the current fiscal year against the collection of Rs1323 billion during the same period of last year, showing growth of 77 billion or 5.8 percent.
The net revenue collection also grew from Rs1288 during July-October (2019-20) to Rs1337 billion during July-October (2020-21), showing growth of 3.8 percent.
According to break figures released by the board here Monday, the Income Tax collection stood at Rs. 470 billion while collection of Sales Tax, Federal Excise Duty, Customs Duty remained at Rs 643 billion, Rs81 billion and Rs 206 billion respectively.
During the month of October only, the total collected revenue stood at Rs333 billion against the collection of Rs325 billion in the same month last year, showing growth of 2.46 percent.
The Income Tax collection for July to October stood at Rs. 470 billion while the collection of Sales Tax, Federal Excise Duty, Customs Duty remained at Rs643 billion, Rs81 billion and Rs206 billion respectively.
During the first four months of the current fiscal year, refunds to the tune of Rs128 billion were issued against Rs52 billion last.
According to FBR statement, the refunds greatly helped boost the economic activity in the country. The refunds issued during the month of October this year stood Rs15 billion against Rs4.5 billion in the corresponding month last year.
Despite increase in refunds, FBR has still managed to cross the revenue collection of October last year, it said adding that the performance made despite the fact that the economy had been sluggish in the wake of on-going COVID-19 pandemic.
Moreover, the government had extended significant tax relief measures to the public in the Finance Act, 2020 and there was drop in revenues at import stage at 2 %.
However, the domestic revenues grew at 13 % in these four months which reflected taxpayers’ growing confidence on the revenue measures being taken by the present government.
During the first four months of current fiscal year, smuggled goods worth Rs21.48 billion were seized as compared to seizures goods worth Rs13.40 billion during the corresponding months of 2019.
The statement added that the board was fully geared towards automation, e-audit, and simplification of procedures, e-payment of duty draw back so as to add to Ease of Doing Business (EoDB).
Furthermore, FBR had launched an effective crackdown against corruption, harassment, and misuse of authority and has also introduced a simplified one pager Income Tax Returns for the retailers in the current Tax Year.
Moreover, FBR also uploaded Income Tax Returns in Urdu and Regional languages for the retailers and salaried people.
The board has appealed the taxpayers to avail these facilitative measures and ensure filing to Annual Income Tax Returns before the last date i.e. December 8, 2020.