Govt's revenue collection increases by 21.24pc

KATHMANDU:

Government’s revenue collection grew by 21.24 per cent in the last fiscal year ended July 15 as contribution of value added tax (VAT) and income tax went up.

The government collected Rs 296.01 billion by slapping various forms of taxes and fees in the last fiscal, as against Rs 244.15 billion recorded in the same period in the previous fiscal.

Of the total revenue, Rs 259.61 billion was tax revenue, while the rest Rs 36.39 billion was non-tax revenue.

“The revenue mobilisation increased due to higher collection of VAT and income tax,” says a statement issued by the Finance Ministry on Thursday.

The government made an income of Rs 83.50 billion in the last fiscal through VAT, as against Rs 72.19 billion in the same period in the previous fiscal. With this, VAT made the biggest contribution of 28.21 per cent to the total revenue last fiscal.

Similarly, income tax collection grew by 28.07 per cent to Rs 67.02 billion last fiscal, contributing 22.64 per cent to the total revenue mobilisation.

Likewise, excise duty collection grew by 20.55 per cent to Rs 36.66 billion in the last fiscal, while income from registration fees and vehicle taxes increased to Rs 10.27 billion from Rs 7.79 billion recorded in the previous fiscal year.

Source: THT