Q1 revenue exceeds Rs 600 billion mark: FBR

The Federal Board of Revenue (FBR) has made record net collection of over and above Rs 600 billion during July-September (2015-16) despite strikes by traders against withholding tax on bank instruments of non-filers and Eid holidays. According to an announcement of the FBR here on Friday, the gross collection of direct taxes amounted to Rs 244 billion during July-September (2015-16) against Rs 198 billion in 2014-15.
Sales tax gross collection stood at Rs 278 billion against Rs 268 billion; Federal Excise Duty (FED) collection Rs 28 billion against Rs 31 billion and gross collection of customs duty amounted to Rs 80 billion during July-September (2015-16) against Rs 65 billion in same period last fiscal year. The FBR has paid refunds and rebates of Rs 30 billion during first quarter of 2015-16 against Rs 21 billion in the same period of 2014-15.
The FBR said during the month of September, 2015, according to the provisional figures received so far, FBR has made a net collection of more than Rs 268 billion, as against net collection of Rs 228 billion made last year showing an increase of 17.5 percent. It is expected that the final collection would further increase when the final figures are received.
From July, 2015 to September, 2015, the FBR made a net collection of more than Rs 600 billion as against net collection of Rs 541 billion made last year resulting in an increase of 11 percent. This is after having issued refunds of Rs 30 billion against Rs 21 billion issued during first quarter of last year resulting in an increase of refunds at 42.85 percent as compared to last year. This may be highlighted that this higher collection has been made by the FBR field formations working with a missionary spirit and tireless zeal to improve the economic health of the country despite strikes by the traders on the issue of 0.6pc/0.3pc withholding tax on bank instruments of non-filers and Eid Holidays during the months of July and September, 2015, the FBR said. Details of collection during July-September, 2015 as compared to July-September, 2014 are as under:

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                                                 (Rs in Billion)

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Revenue Head    Up to September 2015        Up to September 2014

              Gross    Rebate    Net    Gross    Rebate      Net

                      /Refund                   /Refund

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1                 2         3      4        5         6        7

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Direct Taxes    244         -      -      198         -        -

Sales Tax       278         -      -      268         -        -

FED              28         -      -       31         -        -

Customs          80         -      -       65         -        -

Grand Total     630        30    600      562        21      541

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