ISLAMABAD: In the first quarter of the current financial year, the FBR could not achieve the target of tax collections, due to which it is facing a revenue shortfall of Rs 101 billion.
Meanwhile, the Federal Board of Revenue (FBR) has not only succeeded in achieving the tax collection target set for the last month (September 2024), but also tax collections of 11 billion rupees more than the set target have been made. However, the target set for the first quarter of the current financial year 2024-25 (July to September 2024) could not be achieved, due to which it is facing a revenue shortfall of Rs 101 billion.
Importantly, the revenue shortfall for the first 2 months has been reduced by Rs 11 billion due to over-targeted receipts in September. Also Read: Income Tax Return Submission Date Extended by 14 Days, Notification Issued
A total of 36 lakh 38 thousand 216 income tax returns have been received from the Federal Board of Revenue till late night. With these reports, FBR has received a total revenue of Rs 95 billion. A senior official of the Federal Board of Revenue, in a telephonic conversation with Express late at night, said that the Federal Board of Revenue has made a total of Rs 996 billion net interim tax collections in September 2024, which is Rs 985 billion. 11 billion rupees more than the fixed target.
He said that in the same way, FBR has made a total interim net tax collection of 2438 billion rupees in the first quarter of the current fiscal year 2024-25 (July to September 2024), which is 101 billion rupees less than the fixed target of 2539 billion rupees.
The said officer said that in the first 2 months (July, August) of this financial year, FBR was facing a total revenue shortfall of 112 billion rupees because in the first 2 months, FBR had collected 1554 billion rupees against the target. There was a net tax collection of 1442 billion rupees, but in September 2024, since the tax collection has been 11 billion rupees more than the target, the revenue shortfall of FBR has also reduced to 101 billion rupees in the first quarter.
He further informed that the FBR has received a total of 36 lakh 38 thousand 216 income tax returns from the taxpayers till 12 o’clock on Monday, while in this period of the previous fiscal year 2023-24, the FBR received 19 lakh 56 thousand 602 income tax returns. Reports were received.
In this sense, the reports received so far are double compared to the same period of the previous financial year. Last financial year, a total of 62 lakh 36 thousand income tax returns were received. With these returns, the FBR received a total revenue of 48 billion 20 crore 90 lakh rupees, while the revenue of 36 lakh 38 thousand 216 income tax returns received so far this year has received a revenue of 95 billion rupees, while the FBR expects that this The number of income tax return filers will cross 70 lakhs this year.
