ISLAMABAD: The Federal Board of Revenue (FBR) exceeded its tax collection target for July, collecting a net revenue of Rs820 billion and achieving 105 percent of its monthly goal, according to official documents.
For the first month of the new fiscal year, the tax authority was assigned a target of Rs780 billion. But the tax board beat the target and collected Rs40 billion extra, providing a windfall revenue to the federal government in the beginning of the fiscal year.
It appeared from the documents that gross tax collection in July was Rs918 billion and there were refunds of Rs98 billion, making net collections of Rs820 billion.
In the head of income tax, the FBR collected Rs343 billion against the target of Rs323 billion. But after giving out refund, net collection came to Rs308 billion.
Sales tax collection was Rs413 billion and there were refunds of Rs53 billion during July.
At the same time, the Federal Excise Duty (FED) was collected in the amount of Rs48 billion, which exceeded the target of Rs47 billion.
Customs duties were also collected in excess of target of Rs105 billion as it was Rs115 billion.
