The Federal Board of Revenue has released provisional revenue collection data for the months of July 2021 to March 2022 of the current fiscal year 2021-22. (FBR).
The net collection for March 2022 was Rs575 billion, up 20.5 percent from Rs477 billion in March 2021.
In the current financial year, gross revenues increased by 28.9%, from Rs3,577 billion in July 2020 to March 2021 to Rs4,611 billion in July 2021 to March 2022.
Furthermore, reimbursements were Rs31.9 billion in March 2022, up from Rs26.3 billion in March 2021, representing a 21.3 percent increase.
However, from July 2021 to March 2022, Rs229 billion in refunds were paid, a 25% increase over the Rs183 billion paid the previous year.
It’s worth mentioning that the government has maintained its amazing revenue increase despite providing ‘massive tax relief’ to the general public on a range of essential products.
The sales tax on all petroleum goods was repealed for the first time in Pakistani history, costing the FBR Rs45 billion in the last month.
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