ISLAMABAD: The Federal Board of Revenue (FBR) has collected Rs4,721 billion revenue against the revised target of Rs4,691 billion during the fiscal year 2020-21 (FY21).
Sources said that FBR has collected Rs30 billion more revenue than the revised target.
The department has collected Rs550 billion revenue in June this year that is also highest in any month.
It is pertinent to note that the government on the instruction of the International Monetary Fund (IMF) has fixed Rs4,963 billion however it has been revised downward to Rs4691 billion.
Earlier, FBR in its Press release stated that the Directorate of Intelligence and Investigation-Inland Revenue, Lahore carried out proceedings under Section 25 and Section 45 of Federal Excise Act, 2005 against two industrial units manufacturing iron and steel products, steel ingot and other long profiles of steel, which were working at adjacent premises situated at Sheikhupura.Â
The said units had not paid due Federal Excise Duty (FED) payable in sales tax mode on its dutiable supplies by way of concealment of actual production and sales. During the search, a certain record was impounded which was under scrutiny.
The Directorate General Intelligence and Investigation-Inland Revenue (IIR) shall continue such operations in order to detect the fraud of duty causing loss or revenue amounting to hundreds of millions of rupees, the PR mentioned.
Meanwhile, Peshawar Custom Intelligence seized five NCP vehicles and 628 smuggled iphones besides, heroin worth around Rs100 million in a single day.
