Revenue collection in July rose to Rs413 billion, which was a rise of over 36 per cent from last year’s figure, provisional data released by the Federal Board of Revenue (FBR) showed on Saturday.
The collection rise amounted to Rs71bn and was 21pc quite the target set for the month, the info said.
This achievement prompted Prime Minister Imran Khan to understand the efforts of the tax officials.
Taking to Twitter, the prime minister said: “I commend efforts of FBR in achieving record revenue collection in July,” adding that “this may be a reflection of government’s policies for sustained economic process and revival”.
The data for revenue collection within the first month of the present financial year showed a pointy acceleration in economic activity, resulting in a better collection in nuisance tax and customs .
The government, while preparing the allow the continued financial year , had assured the International fund (IMF) to boost Rs5.829 trillion in FY22 against Rs4.721tr collected in FY21.
Finance Minister Shaukat Tarin held an assurance to the IMF to gather the revenue through existing policies without additional taxation measures.
Until July 31, as per provisional figures, the revenue collection stood at Rs413bn against the projected target of Rs342bn. Compared to the gathering of Rs303bn in July 2020, this year’s collection posted a growth of 36pc.
The amount of refunds disbursed in July 2021 was Rs20bn compared to Rs16bn last year, showing a rise of 28pc. nuisance tax refunds are being issued under centralised and an automatic system called ‘FASTER’, which clears refunds to exporters within 72 hours for the primary time.
In July, the tax collection stood at Rs135bn as against Rs107bn within the same month last year – a rise of 27pc.
The target for the tax was projected slightly above the previous year’s collection of Rs94bn.
In the outgoing financial year , the tax collection remained in need of target despite several revenue measures.
The nuisance tax collection reached Rs209bn against last year’s Rs144bn, showing a growth of 45pc, whereas the target projected was Rs167bn, which was slightly above last year’s collection.
An impressive revenue collection came from petroleum products after the govt increased prices.
The growth was witnessed thanks to a rise in fuel prices and imports and revival of economic activities during the amount under review.
The FED collection jumped to Rs22bn as against Rs18bn collected during an equivalent period last year. The FED target for the month was projected at Rs22bn.
Customs collection stood at Rs68bn during the July 2021period as against Rs49bn over the last year, indicating a growth of 37pc. The target projected under customs was Rs59bn for the amount under review. In July, customs collection posted a powerful growth indicating revival of economic activities within the country and increase in regular imports of smuggled prone items at ports.
Meanwhile, a politician statement of the FBR said the revenue figures would further improve before the close of the day and after book adjustments had been taken under consideration .
These collections are the very best ever within the month of July.
This outstanding revenue performance may be a reflection of sustained economic revival spurred by government policies, the statement said.
Income Tax Returns for Tax Year-2020 have reached Rs3.53 million compared to Rs2.72 million in Tax Year-2019, showing a rise of 30pc while the tax deposited with returns was Rs51bn compared to only Rs33bn last year – a rise of 54pc.
According to information released by the FBR, 11,744 points of sale terminals are integrated with real time reporting system of the FBR. During July 2021, smuggled goods worth Rs3.6 billion were seized.