ISLAMABAD: Federal Board of Revenue (FBR) has collected Rs 1337 billion netrevenue in the current fiscal year from July to October whereas it was Rs1288 billion in the previous year.
Income tax collection for July to October stood at Rs. 470 billion, said astatement issued by FBR here on Monday.
Similarly, collection of Sales Tax, Federal Excise Duty, Customs Dutyremained at Rs 643 billion, Rs. 81 billion and Rs. 206 billion respectively.
The FBR has collected gross revenue of Rs 1400 billion in the first fourmonths from July to October which was Rs 1323 billion in the previous yearthus showing an increase of Rs 77 billion in the current year.
For the month of October only, the total collected revenue stood at Rs 333billion which was Rs 325 billion in the same month last year.
In the first four months of current Fiscal Year, refunds to the tune of Rs128 billion against only Rs 52 billion last year have been issued, whichhas greatly helped boost the economic activity in the country.
The refunds issued during the month of October this year are over Rs 15billion which were Rs 4.5 billion in the corresponding month last year.
Despite increase in refunds, FBR has still managed to cross the revenuecollection of the October last year.
FBR’s appreciable performance is despite the fact that the economy has beensluggish in the wake of on-going COVID-19 pandemic.
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Moreover, the government had extended significant tax relief measures tothe public in the Finance Act, 2020 and there was drop in revenues atimport stage at 2 %.However, the domestic revenues grew at 13 % in these four months whichreflected taxpayers’ growing confidence on the revenue measures being takenby the present government.
During the first four months of current fiscal year, smuggled goods worthRs 21.48 billion have been seized as compared to seizures of Rs 13.40billion during the corresponding months of 2019.
The FBR is fully geared towards automation, e-audit, and simplification ofprocedures, e-payment of duty draw back so as to add to Ease of DoingBusiness (EoDB).
Furthermore, FBR has launched an effective crackdown against corruption,harassment, and misuse of authority.
The FBR has introduced a simplified one pager Income Tax Returns for theretailers in the current Tax Year.
Moreover, FBR has also uploaded Income Tax Returns in Urdu and Regionallanguages for the retailers and salaried people.
The FBR appealed the taxpayers to avail the facilitative measures andensure filing to Annual Income Tax Returns before the last date i.e. 8thDecember, 2020.
