Home General Revenue from banks surges 34pc to Rs117 billion in 11 months

Revenue from banks surges 34pc to Rs117 billion in 11 months

122
0

ISLAMABAD: The Federal Board of Revenue (FBR) has collected a revenue of Rs117 billion from banks during the first eleven months of the current fiscal year against Rs87 billion collected during the same period of the last financial year, showing an increase of 34 percent.
According to details issued by the FBR on Wednesday about revenue collection from major sectors during July-May 2020-21, Rs108 billion were collected from the auto sector during the aforementioned period against Rs72 billion in the last year, showing 51 percent growth.
The FBR collected Rs127 billion from the cement sector in the first eleven months which was Rs97 billion last year, showing an increase of 31 percent. The revenue collected from the POL in 11 months is Rs577 billion which was Rs516 billion last year showing an increase of 12 percent.
From the tobacco sector, the FBR has collected Rs129 billion revenue which was Rs104 billion last year thus showing an increase of 24 percent. The revenue from the sugar sector remained Rs53 billion which was Rs31 billion last year, showing a growth of 74 percent.
The customs duty collections in the current year from the major items include vehicles, iron steel and machinery and mechanical appliances. Customs duty of Rs98 billion is collected from vehicles which was Rs52 billion last year showing an increase of 86 percent.
Customs duty from iron and steel remained Rs53 billion, which was Rs42 billion last year, showing a growth of 24 percent.
Similarly, Customs duty from machinery and mechanical appliances remained Rs38 billion in 11 months, which was Rs30 billion last year in the same period, showing a growth of 26 percent.
Meanwhile, income tax returns filing has reached 2.93 million during the first eleven months (July-May) of the current fiscal year 2020-21 as compared to 2.63 million in the same period of the last financial year, showing an increase of 11.4 percent.
In a statement issued on Wednesday, the Federal Board of Revenue (FBR) said that due to the efforts to broaden the tax base, the income tax return filing increased significantly. As on May 31, 2021, income tax returns for tax year 2020 have reached 2.93 million compared to 2.63 million in tax year 2019. The tax deposited with returns was Rs52 billion compared to only Rs34 billion last year, showing an increase of 55 percent.
The FBR has also released information about Tier-I retailers who have been integrated with the POS system. According to the information, 10,767 sales points have been integrated with the Point of Sales Linked Invoicing System. – TLTP