The Federal Board of Revenue achieved a total revenue of Rs. 3394 billion during July-March 2021, which is more than the target of Rs. 3287 billion and Rs. 100 billion.
According to the statistics, the total revenue in the first nine months of the current financial year was 13% higher than the previous year. Revenue of Rs. 3571 billion was collected as compared to Rs. 3178 billion in the first nine months of the previous financial year. Refunds of Rs 177 billion have been issued so far in the current financial year as against Rs 102 billion in the same period last year. Refunds have increased by 74% so far this year.
According to the statistics, by February 28, 2021, the number of people filing income tax returns for the tax year 2020 has reached 2.8 million as against 2.6 million in the same period last year. The number of people filing tax returns has increased by 8%. The tax paid along with tax returns stood at Rs 51 billion as against Rs 33 billion in the same period last year. Tax returns with statements have increased by 54% this year.
In the tax year 2020, the number of new return filers was 123,680 and an additional tax of Rs 51 crore was collected. It was one lakh 67 thousand 769. The number of people filing sales tax returns has increased by 7.04% this year.
It should be noted that with sales tax returns, sales tax of Rs 624 billion was collected this year as against Rs 536 billion last year, thus an increase of 16.41%.
