02/02/2021
The Federal Bored of Revenue has released the details of the initial Revenue Collection obtained in the first seven months of the ongoing fiscal year, according to the FBR has earned a net renew of Rs 2570 billion from July to January, which is now. The target set is more than Rs 2550 billion. Similarly, the net revenue acquired this time last year has a 6.4 % increase compared to Rs 2416 billion.
The FBR has also released the statistics for the month of January. In January, the revenue net collection was Rs 364 billion while the target set was Rs 340 billion. So, an increase of 107 % compared to the set target. Achieved and a 12.3 % increase compared to net revenue gained last year in January. In the first seven months of the ongoing fiscal year, the grass revenue was Rs 2699 billion compared to Rs 2464 billion last year. And got a ten percent increase.
Refunds of Rs 129 billion have been issued so far this fiscal year, which was Rs 69 billion in this period last year. So far this year, refunds have gained a 87 % increase. Of refunds Fast payment is proof that the FBR is trying to solve liquidity problems faced by various industries. Best performance in revenue acquisition indicates rapidness in country's economic activities, although also the second wave of COVID 19 Facing. Revenue acquisition is expected to improve further due to economic growth.
The FBR is trying to increase the tax net. These efforts have started to get positive results. The number of people entering the income tax statements by January 30, 2021 is 25 lac 20 Thousands have reached, which was 23 lakh 10 thousand till this time last year. Similarly, the number of tax statements entering has increased by 9 %. Tax paid along with tax statements is Rs 48.3 billion. Which was 29.6 billion Rupees last year at this time. So this year tax payments have gained a 63 % increase.
Also, the FBR has issued notices to 14 million taxpayers who haven't entered the statements or shown zero taxable income or have provided false details of their assets. By the FBR's move Encouraging results are coming. The FBR will continue full legal action against those who do not comply with tax laws.
