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March 2, 2021

SRB collects Rs77.1bln in eight months

Business

March 2, 2021

KARACHI: The collection of sales tax on services grew 12.5 percent during the first eight months (July–February) 2020/21 despite SOP implemented to prevent the spread of the coronavirus during the period, sources in the Sindh Revenue Board (SRB) said on Monday.

The collection of the provincial revenue body increased to Rs77.1 billion during the first eight months of the current fiscal year, compared with Rs58.56 billion in the corresponding period of the last fiscal year.

The SRB has jurisdiction to collect sales tax on services within the Sindh province on behalf of the provincial government. The sources said the revenue collecting agency had been assigned to collect Rs135 billion as the target for the fiscal year 2020/21.

The collection remained high during the first half of the current fiscal year, as the provincial authority maintained 16 percent growth in the same period over the last fiscal year, they said.

The provincial revenue body made a record revenue collection of Rs11.75 billion in December 2020, compared with Rs9.39 billion collected during December 2019, registering a growth of 25 percent.

However, the second phase of coronavirus adversely affected the services sector due to the SOPs implemented to prevent the spread of the pandemic.

The sources said SRB was making all-out efforts to realise the revenue collection target without taking any harsh action against the taxpayers. The collection of sales tax on services in February 2021 posted a 5.56 percent growth to Rs10.1 billion, compared with Rs9.57 billion in the corresponding month of the last year.