ISLAMABAD, Nov 10: The Central Board of Revenue (CBR) has paid Rs6.57bn refund/ rebate to businessmen in October against Rs3.92bn it paid during the same period last year, showing an increase of 67.3pc.

However, the total refund/ rebate paid during the first four months of the current financial year increased by 40.9pc over the corresponding span last year and stood at Rs27.65bn this year against Rs19.63bn refund/rebate it paid during the same period last year.

According to provisional figures released by the CBR here on Saturday, the tax authorities paid highest refunds in October under the head of direct taxes, which registered an increase of 186.2pc over the corresponding period last year and stood at Rs1.8bn refunds against Rs629 million refunds paid during the same period last year, while under the head of sales tax refund/rebate paid during October stood at Rs2.31bn against Rs1.47bn, an increase of 57.4 per cent.

However, in refund/rebate under the head of central excise duty (CED), a negative growth of 100pc was registered during in October and Rs2.45bn rebate/refund have been paid to the exporters under the head of customs during October against Rs1.82bn paid during the same period last year, an increase of 34.4 per cent.

The analysis of the figures on quarterly basis showed that the tax authorities have paid Rs4.47bn refund under the head of direct taxes during the four months of current fiscal against Rs3.01bn it paid during the same period last year, showing an increase of 48pc, while under the head of indirect taxes Rs23.18bn paid to businessmen during the same period this year against Rs16.61bn refund/rebate paid during the same period last year, registering an increase of 39.6 per cent.

Further break-up showed that under the head of sales tax, Rs14.15bn refund/rebate was paid to the businessmen against Rs8.88bn over the corresponding span last year, an increase of 59.3 per cent.

Under the head of CED Rs1 million refund/rebate was paid during the July-October period against the payment of Rs57m refund/rebate over the corresponding period last year, registering a decline of 89.2 per cent.