The Federal Board of Revenue (FBR) has surpassed its tax collection target of Rs 36 billion in March 2021 to Rs 475 billion, the highest monthly collection in the current financial year (FY 2021).
According to the reports, the recovery target for the month of March was set at Rs 439 billion, an increase of 8.2 per cent to Rs 475 billion, while revenue of Rs 326 was collected in March 2020, compared to an increase of 46 per cent.
Prime Minister Imran Khan also praised the FBR for collecting more taxes than expected in March.
Sending a message on Twitter, the Prime Minister appreciated the FBR’s efforts to achieve a historic growth of 41% in March 2021 with a collection of Rs 460 billion.
“During Jul ’20-Mar ’21 our collections reached Rs.3380 bn which is 10% higher than the same period last year. This reflects broad-based econ revival led by govt policies,” he added.
I commend FBR efforts, achieving historic growth of 41% in March '21 with collections recorded at Rs.460 bn. During Jul '20-Mar '21 our collections reached Rs.3380 bn which is 10% higher than the same period last year. This reflects broad-based econ revival led by govt policies.
— Imran Khan (@ImranKhanPTI) March 31, 2021
The FBR collected revenue of Rs 33.94 trillion in the first nine months of the current financial year, which is Rs 100 billion more than the target of Rs 32.87 trillion.
So far this year, refunds of Rs 177 billion have been issued as against Rs 102 billion during the same period last year, an increase of 74 per cent.
During the preparation of the budget, the government had assured the International Monetary Fund (IMF) to raise Rs. 49.60 trillion for the fiscal year 2021 as against Rs. Is.
During the July-March period, income tax collection stood at Rs. 1.25 trillion against a target of Rs. 12.90 trillion, which shows a shortfall of Rs. 39 billion. However, income tax collection increased by 6% over the previous year. 11 trillion 80 billion was collected during the same period of the year.
Meanwhile, sales tax collection increased by 19% to Rs. 15.70 trillion in the first nine months of the financial year 2021 from Rs. 13.20 trillion in the corresponding period of the previous year.
However, its target was set at Rs 13.20 trillion, which exceeded Rs 250 billion.
The collection of Federal Excise Duty (FED) increased by 4% to Rs 196 billion from Rs 188 billion last year.
The FED’s target for July-March was set at Rs 221 billion, a shortfall of Rs 25 billion.