ISLAMABAD: The Model Customs Collectorate, Gilgit-Baltistan (GB) surpassed its revenue collection target by Rs 427.6 million, as it collected Rs 1,024.6 million against Rs 597 million target during first quarter (July-September) of current fiscal year 2016-17.
During the said period, the collectorate bagged Rs 506 million in wake of customs duty against assigned target of Rs 281 million, while it also surpassed target of sales tax by collecting Rs 372 million against Rs 224 million target. The customs also generated Rs 54.794 million under the head of withholding tax.
As per details, the collectorated was assigned a target of Rs 163.1 million that included Rs 77 million as customs duty, Rs 61.1 million as sales tax and Rs 25 million as withholding tax (WHT) for September 2016. The department collected Rs 428.761 million and surpassed its target with huge difference.
The Gilgit-Baltistan Customs also exceeded revenue target of August 2016, when it generated Rs 392.352 million against the assigned target of Rs 216.5 million. It collected Rs 196.905 in wake of customs duty against Rs 102 million, sales tax to the tune of Rs 134.426 million against Rs 81.5 million and Rs 61.021 as WHT against target of Rs 33 million.
During July 2016, the GB customs total collection stood at Rs 203.494 million against the set target of Rs 217.5 million. It generated Rs 95.409 million under the head of customs duty against the target of Rs 102 million. In shape of sales tax, the department collected Rs 77.299 million against Rs 81.5 million, while it generated Rs 30.785 as WHT against Rs 34 million.
Meanwhile, the Federal Board of Revenue (FBR) has assigned Rs 218.5 million target for October 2016 that included Rs 102 million as customs duty, Rs 81.5 million sales tax and Rs 35 million as WHT.
