Budget 2021-22: FBR aims for over Rs2,500bn sales tax return

The federal government plans to present the budget 2021-22 on June 11, the Federal Board of Revenue (FBR) has set a sales tax collection target for the upcoming fiscal year at Rs2,506 billion.

The sales tax collection target has been set at Rs2,506 in the upcoming budget 2021-22, 30 percent is advanced as equated to the outbound fiscal year’s target.

They said the tax body aims to collect Rs2,500bn sales tax on different goods while Rs6.61bn on facilities.

Sales Tax assortment remained at Rs1,415bn during the July-March time of the current financial year. The business charge assortment focus for the monetary year 2020-21 is over Rs1,925bn. The Federal Board of Revenue (FBR) had gathered Rs1,250 deals charge during the monetary year 2018-19.

On Monday, the National Economic Council (NEC) drove by Prime Minister Imran Khan set the financial development rate focus at 4.8 percent for the following monetary year.

Macroeconomic Framework for Annual Plan 2021-22 was supported by the National Economic Council during its most recent meeting. Additionally, the committee supported the (GDP) development projections for the monetary year 2021-22.

The proposed development focus of 4.8 percent was endorsed with sectorial development focuses of 3.5 pc for agriculture business, 6.5 pc for the urban area, and 4.7 pc for the administration area.

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