ISLAMABAD: The Federal Board of Revenue (FBR) has provisionally collected over and above Rs410 billion during July 2021 against the assigned target of Rs342 billion, reflecting a handsome increase of Rs68 billion.

Sources told Business Recorder here on Friday that the FBR has surpassed the revenue collection target assigned for the first month of the new fiscal year (2021-22).

The monthly target has been achieved on July 30 by a big margin.

FBR surpasses FY2020-21 tax collection target

The achievement of the target is 120 percent.

These are provisional revenue figures and collection would show further increase on compilation of final figures and reconciliation of data by end of July 31, 2021.

According to sources, in order to materialise the fixed tax target of Rs5,829 billion for 2021-22, the FBR will have to generate Rs2,182 billion through direct taxes, and Rs3,647 billion in the shape of indirect taxes during the current fiscal year.

The FBR has provisionally collected Rs301 billion during July 2020 against Rs410 billion in July 2021, showing an increase of Rs109 billion.

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Breakup of monthly collection during July 2021 revealed that the income tax collection stood at Rs134.4 billion; sales tax Rs207.2 billion; Federal Excise Duty (FED) Rs22.4 billion, and collection of customs duty amounted to Rs66.1 billion.

Total provisional gross collection of the FBR for the month of July 2021 stood at Rs430.1 billion. After payment of refunds of around Rs20 billion, the net collection totaled at Rs410.1 billion.

Copyright Business Recorder, 2021