ISLAMABAD: The Federal Board of Revenue (FBR) has achieved 3.8pc growth in revenue collection during the first four months (July-Oct) of the current fiscal year (FY2020-21).
According to a statement issued on Monday, the FBR collected Rs1,337 billion in July-October FY21 as compared to Rs1,288 billion in the corresponding period FY20.
During the period under review, the FBR collected Rs470 billion as income tax, Rs643 billion as sales tax/federal excise duty and Rs81 billion as customs duty.
The gross collection during the first four months of FY21 was recorded at Rs1,400 billion as compared to Rs1,323 billion in the corresponding period of the last fiscal year.
The FBR collected Rs333 billion during the month of October 2020, compared with Rs325 billion in the same month of the last year, showing a 2.46pc growth.
The revenue board stated that it had issued refunds worth Rs128 billion during the July-Oct period, as compared to Rs52 billion in the same months of last year. The FBR had issued Rs15 billion in October 2020, as compared to Rs4.5 billion in October 2019.
The FBR said that despite a significant increase in issuance of refunds, revenue collection was higher in the month of October. The higher amount of refund was released in order to improve economic activities.
Meanwhile, the revenue collection at the import stage fell by 2pc. However, the collection from domestic sources increased by 13pc.
The FBR said that anti-smuggling increased significantly during the first four months of the current fiscal year. The authorities had seized goods worth Rs21.48 billion during the period under review as compared with Rs13.4 billion in the corresponding period of the last fiscal year.