Lahore: According to news released on Friday, the Punjab Revenue Authority (PRA) reported that it exceeded its revenue collection target for the first quarter (Q1) of fiscal year 2021-22 by more than 23%. (October 8). It was claimed that the first quarter of any fiscal year (FY) has seen the largest revenue collection growth in the history of any tax body.

Read More: Punjab to have 8,000 revenue centers, launches digital girdawari system

According to the figures, PRA collected PKR 32.031 billion in the first quarter of FY2021-22, compared to PKR 26.028 billion in the first quarter of FY2020-21. For FY2021-22, the authority set a revenue collection target of 22%. In September 2021, PRA’s income increased by 33.6 percent over September 2020.

The construction services sector, according to sources, witnessed the greatest increase in revenue generating, with a 118 percent gain. In comparison to the PKR 237.460 million collected last year, the construction industry donated PKR 516.659 million. It was followed by revenue created by technical-scientific and engineering consultants, as well as revenue generated by restaurants, which increased by 43 percent.

Read More: Punjab plans to open 8,000 rural revenue centers by December 2021

 

According to reports, the telecommunication services sector is the most tax-paying sector in the province. It donated PKR 7.8069 billion, representing a 28 percent increase. The estimates are projected to grow after the civil accounts are finalised, according to PRA Chairperson Zain-ul-Abidin Sahi. He thought PRA will meet the government’s annual revenue generation targets set out in the budget.

Stay tuned with Tajarat Property for more updates or information about the top-notch real estate projects like Blue World City.