Centre's tax collection from oil, gas shows 63pc increase during Q1.

ISLAMABAD -- The federal government's tax collection from oil and gas products has shown massive increase of around 63 percent during first quarter (July: September) of this fiscal year mainly because of higher prices.

Total revenue collection from oil and gas sector in the first quarter amounted to about Rs86.565 billion, compared to about Rs53.113 billion in same period last year showing an increase of 62.98 percent. The tax collection came from the account of Gas Infrastructure Development Cess (GIDC), Gas Development Surcharge (GDS), petroleum levy, discount retained on crude oil, royalties on oil and gas and windfall levy against crude oil, according to the latest data of the ministry of finance. The collection on account of petroleum levy amounted to Rs48 billion in July to September, which is higher by 255 percent when compared...