WEB DESK: Federal Board of Revenue (FBR) closed its November tax books collecting Rs 1.686 trillion from taxpayers.
The revenue collection body overachieved its five-month target, July-November, which was set at Rs 1.670 trillion.
An increase of Rs 16 billion was recorded in tax collection during the period, FBR officials told.
The overachieved target is equal to 33.7% of the annual tax target.
It is also Rs 69 billion or 4.2% higher when compared with Rs 1.62 trillion that was collected by the revenue body during the same period of the fiscal year 2019-20.
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An increase of 6% in General Sales Tax (GST) has also been recorded between July and November of the current fiscal year.
FBR reports showed that Pakistan Customs collected Rs 57 billion in customs duty in November.
This is Rs 7.9 billion 16% in terms of percentage more than the set target for the month.
Overall, Pakistan Customs has collected Rs 263 billion between July and November of the current financial year against the target of Rs231 billion assigned for the first five months of this financial year.
The figure is 14% more than the assigned target.
The milestones in customs duty collection have been achieved despite the fact that the import market was down due to the second wave of the coronavirus.
The government introduced relief packages and announced exemption and relaxation in customs and regulatory duties during the ongoing fiscal year. the measures had been taken to provide support to the business community.