ISLAMABAD: The Federal Board of Revenue (FBR) collected net revenue of Rs2,204 billion of its six-month revenue target of Rs2,210 billion from July to December of the current fiscal year (H1FY21).
Officials said that FBR collected net revenue, which is 99.7 per cent of its six-monthly target; however, it achieved a growth of 5pc, taking Rs2,101 billion collected in the corresponding period last year in view.
According to the details, income tax collection from July to December stood at Rs816 billion, while the collection of sales tax, federal excise duty, and customs duty remained at Rs915 billion, Rs127 billion and Rs336 billion, respectively.
Officials concerned said that an additional Rs10 billion has been collected from book adjustment, adding that revenue to be collected from book adjustment is expected to increase in the coming days.
For the month of December, the total collected revenue stood at Rs508 billion, 97.7pc of the target of Rs520 billion, showing a growth of 8.3pc against Rs469 billion collected in the corresponding period last year.
Similarly, refunds to the tune of Rs102 billion have been issued n the first six months of FY21, as compared to Rs53 billion in refunds in the same period last year, representing an increase of 90pc in the issuance of refunds whereas refunds of Rs42 billion under the Prime Minister’s Corona Relief Package were also been issued this year.
However, a handout issued by FBR states that the revenue board managed to collect significantly more revenue in comparison to last year, despite excessive issuance of refunds this year.
The handout added that FBR also restored the sanctity of the last date of filing of income tax returns by taxpayers who filed 2.3 million returns till December 31st, as compared to 2.17 million returns last year. “Income tax paid during filing of returns stood at Rs43.5 billion compared to Rs28 billion deposited last year, showing an increase in tax deposit with returns of 55pc.”
