FBR sets a target of collecting Rs 2,506 billion under GST

Lahore, 7th June: The Federal Board of Revenue (FBR) aims to collect Rs 2,506 billion under the sales tax.

According to reports, FBR has decided to collect Rs 2,506 billion under the General Sales Tax (GST) for the upcoming financial year, FY21-22.

The tax watchdog has set the revenue target of over 30 percent during the incoming financial year in the sales tax revenue as compared to the outgoing financial year.

The sales target set by the FBR is Rs 1,925 billion in FY20-21, however, it only managed to collect Rs 1,415 billion during the July-March period.

The FBR had collected Rs 1,250 billion in the July-March period in FY19-20.

Meanwhile, in FY21-22, the target of the sales tax on products is Rs 6.61 billion.

A sales tax of Rs 1415 billion was collected in the ongoing financial year. The document said that the sales tax target for the current financial year is more than Rs 1925 billion.

According to reports, Rs 1250 billion was collected during the financial year 2018-19, from July to March.

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