ISLAMABAD: The Federal Board of Revenue fetched Rs 26 billion extra revenue in first month of the current fiscal year as compared to same period of last financial year.
According to details, the FBR earned Rs 277 billion in July 2019 against revenue collection of Rs 251 billion during same period of corresponding financial year, recording extra amount of Rs 26 billion.
The FBR’s collection may reach at Rs 278 billion till finalization of revenue figures against the allocated target of Rs 292 billion for July 2019. The revenue collection on domestic front in shape of Income Tax, GST (general sales tax) and FED (federal excise duty) performed well in the first month of the current fiscal year.
The sources confirmed that the IR (Inland Revenue) collection comprising Income Tax, General Sales Tax and Federal Excise Duty (FED) netted Rs 123 billion in July 2019 against Rs 77 billion in the same month of the last financial year 2018-19, registering a phenomenal growth in the period.
“Around 60 percent provisional growth is achieved in domestic taxes despite the fact that full impact of budgetary measures will be available next month as Sales Tax returns for July will be received in August and withholding tax on salaries with new rates will be deposited in August 2019”, said the official.