Customs collection soars 36pc in Q1
KATHMANDU, NOV 07 -
The absence of a full budget does not seem to have affected revenue collection of the Department of Customs ( DoC ). According to the department, its income surged 36.5 percent in the first three months of 2012-13.
The DoC recorded revenue collection worth Rs 32.88 billion in the first quarter, which is 16 percent higher than its target. It had aimed to collect Rs 28.41 billion during the period. According to the department, the collection in the first quarter amounts to 32.67 percent of its target for this fiscal year.
DoC director Shyam Dahal said that revenue collection in Q1 had given a positive picture as the pace of collection indicates fulfilment of the annual target by the government. The rise in revenue collection also reflects an increase in legal trade and business practices, despite the uncertainty in the sector, said DoC officials.
Value added tax (VAT) was the biggest contributor to revenue during the review period. It amounted to Rs 15.27 billion compared to the target of Rs 13.71 billion. VAT collection during the period amounts to 31.79 percent of the total annual target of the current fiscal year.
Similarly, customs duty amounted to Rs 13.79 billion and excise duty came to Rs 3.81 billion, surpassing the department’s Q1 targets of Rs 11.25 billion and Rs 3.44 respectively.
Compared to the last fiscal year, the amount collected as customs duty was up 44.63 percent while VAT collection rose 31.43 percent. Similarly, excise duty was up 30.35 percent year on year. DoC officials said that the greater flow of goods due to the Dashain and Tihar festivals played a significant role in pushing up revenue collection to higher than expected levels.
According to the DoC , revenue collection during the period mid-September to mid-October was higher than during the first two months of the current fiscal year. During the third month, the department took in Rs 4.62 billion, up from Rs 3.01 during the same period last year.
Source: The Kathmandu Post
