Tax Collection target set at Rs 5.82 trillion for FY22

June 4, 2021

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The federal government has decided to set a tax collection target of Rs 5.829 trillion for the next fiscal year 2021-22.

As per News reports, the federal government has decided to set a net tax collection target of Rs 5.829 trillion with a 24% increase in the federal budget for the next fiscal year 2021-22, of which the direct tax (income tax) collection target is Rs. 2.182 trillion, and of these direct taxes, the sales tax target is Rs 2.506 trillion, the federal excise target is Rs 356 billion and the customs duty target is Rs 785 billion.

The federal budget for the next fiscal year 2021-22 has a growth target of 22% for income tax collections, 30% for sales tax collections, 29% for federal excise taxes, and 29% for customs duties.

According to the document, the federal budget for the next fiscal year has set a target of Rs 2,503.39 billion for sales tax on goods to meet the Rs 2.506 trillion target set for the collection of sales tax.