Excise Duty Collection Surged 64% in 9 Months of FY24

The collection of federal excise duty (FED) witnessed a handsome growth of 64.2 percent during July-March (2023-23) against the same period of last fiscal year. According to the monthly economic update (April 2024) issued by the Finance Ministry, the tax collection not only maintained its pace but also surpassed both monthly as well 9 monthly targets despite the issuance of unprecedented refunds. According to the latest available data, FBR net provisional tax collection grew by 30.2 percent to Rs. 6,712 billion during Jul-March FY2024 against Rs. 5,156 billion in the same period of last year. Within total, FED grew by 64.2 percent followed by direct taxes by 41.4 percent, sales tax by 17.7 percent, and customs duty by 15.2 percent, the report added.