FBR surpasses revenue collection target for July-November
FBR surpasses revenue collection target for July-November
ISLAMABAD (Dunya News) - The Federal Board of Revenue (FBR) has surpassed the revenue collection target for July-November of this financial year.
According to a statement released by the Federal Board of Revenue (FBR), it has collected net revenue of Rs 1688 billion in the period of July-November against the target of Rs 1669 billion. Last year, in the same five months, FBR collected Rs 1,623 billion.
Revenue of Rs 577 billion was collected under income tax, Rs 743 billion under sales tax, Rs 104 billion under federal excise duty and Rs 264 billion under customs duty. In the first five months of this FY, gross revenue of Rs 1773 billion was collected which was Rs 1664 billion in the previous FY, meaning an increase of Rs 109 billion.
In November, revenue of Rs 347 billion was achieved against the target of Rs 348 billion. Refunds of Rs 80 billion have been issued from July to November of the current FY against Rs 41 billion issued last FY. For the month of November, refunds of more than Rs 17 billion have been issued against Rs 4 billion in the previous year. Despite the increase in refunds, FBR has collected greater revenue in this November.
In the first five months of the current financial year, smuggled goods worth Rs 27 billion have been seized, a figure which was Rs 18 billion in the previous FY.
