Federal Board of Revenues successfully collected Rs.475 billion against a target of Rs.439 billion during the month of March, this year. This is the highest FBR collection during the current fiscal year as compared to the Rs.326 billion in March 2020, with a growth of 46%.
Prime Minister Imran Khan took on twitter and tweeted in this regard, “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 billion, which is 10% higher than the same period last year. This reflects broad-based econ revival led by govt. policies”.
The higher-than-expected FBR collection reflects the revival of the economy. The amount, collected by FBR during the period from July 2020 to March 2021 also crossed the target. The net revenue, collected during this period comes to Rs.3.39 trillion against the targeted value of Rs.3.29 trillion. The excessive amount is Rs.100 billion. Here, the growth is 10 % over the amount, collected of Rs.3.08 during the same period last year.
The disbursed amount also exceeds the amount which was disbursed during the same period last year. Rs.177 billion have been disbursed this year as compared to Rs.102 billion which were disbursed last year. The government of Pakistan had given the assurance to IMF for the collection of Rs.4.96 trillion during this fiscal year against Rs.3.99 trillion collected during the last fiscal year.
The amount of income tax, collected during the period from July 2020 to March 2021 is short if it is compared with the targeted amount. The targeted amount was Rs.1.29 billion while Rs.1.25 could be collected, showing the shortfall of Rs.39 billion.
If this amount is compared with the amount of income tax, collected last year, during this period, it is 6 % high as last year, Rs.1.18 billion were collected as income tax. The amount of sales tax is 19 % high as compared to the amount collected last year during the same period. FBR collected Rs.1.57 trillion during the current financial year while this amount was Rs.1.32 trillion last year during this period.
Last year, the amount of federal excise duty was Rs.188 billion which is Rs.196 billion this year, showing a 4 % increase. The amount of customs duty was Rs.492 billion last year which comes to Rs.546 billion this year, showing a rise of 11 %.