Inland Revenue collection up 22pc
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ISLAMABAD: The Federal Board of Revenue (FBR) on Tuesday said that nearly 51 per cent of the total Inland Revenue was raised from 14 major sectors including petroleum products in July-May (11MFY21) compared to the same period a year ago.
Inland Revenue — which includes income tax, sales tax and federal excise duty — contributed Rs1.767 trillion in 11MFY21, up 22pc from Rs1.441tr from the same period a year ago.
Sector-wise breakup showed that Rs577bn was collected from POL in 11MFY21 against Rs516bn last year, an increase of 12pc. The collection from auto sectors stood at Rs108bn against Rs72bn last year, up 51pc.
Revenue collected from the power sector reached Rs146.816bn this year against Rs114.058bn last year, showing an increase of 28.7pc. Likewise, revenue of Rs117bn was collected from the banks in 11MFY21, up 34pc from Rs87bn last year.
Revenue collected from food products swelled to Rs163.632bn this year against Rs138.163bn over last year, indicating an increase of 18.4pc. The FBR collected Rs127bn from the cement sector in the 11MFY21 against Rs97bn last year, showing an increase of 31pc.
From the tobacco sector, FBR has collected Rs129bn revenue, an increase of 24pc from Rs104bn last year. Sugar sector revenue went up 74pc to reach Rs53bn in 11MFY21 against Rs31bn in the same period in FY20.
The year-on-year growth in revenue from electronics was 40.2pc to Rs62.007bn, 22.4pc on beverages to Rs67.297bn, 19.4pc on chemicals to Rs75.187bn, 20.2pc on iron and steel to Rs72.697bn, 18.8pc on plastics to Rs39.148bn and an increase of 8pc on paper to Rs28.825bn, respectively.
Customs Duty of Rs98bn was collected from vehicles in 11MFY21, up 86pc from Rs52bn last year. Customs Duty from iron and steel was Rs53bn in 11MFY21 compared to Rs42bn last year, showing a growth of 24pc. Similarly, Customs duty from machinery and mechanical appliances reached Rs38bn, showing a growth of 26pc from Rs30bn last year.
Tax returns up 11.4pc
The FBR received 2.93m returns in tax year 2020 against 2.63m in tax year 2019, reflecting an increase of 11.4pc, an official FBR announcement said on Tuesday.
Tax deposited with returns was Rs52bn compared to only Rs34bn last year, showing an increase of 55pc. As a result, revenue collection reached Rs4.170tr in the 11MFY21, exceeding the target of Rs3.994tr by Rs176bn.
Published in Dawn, June 2nd, 2021
