Revenue collection up 19.45 per cent

KATHMANDU:

The government’s revenue collection went up by 19.45 per cent in the first 10 months of the current fiscal year, the latest statistics of the Ministry of Finance (MoF) show.

The government mobilised revenue of Rs 280.04 billion in the 10-month period to mid-May, as against Rs 234.45 billion in the same period

last fiscal. The government has set a target of collecting revenue of Rs 354.50 billion till the end of this fiscal.

The government’s revenue collection had gone up largely because of the growth in collection of value added tax (VAT), customs duty and excise duty.

The government’s VAT collection went up by 19.24 per cent to Rs 80.94 billion in the 10-month period. VAT made largest contribution of 28.90 per cent to the government’s revenue collection in the first 10 months.

Similarly, collection of income tax, which made second largest contribution of 20.90 per cent to the revenue, went up by 12.63 per cent to Rs 58.52 billion in the 10-month period.

Meanwhile, the collection of customs duty, which contributed 19.71 per cent to revenue, went up by 18.09 per cent to Rs 55.20 billion.

Among others, excise duty mobilisation went up by 22.24 per cent to Rs 35.53 billion in the review period, while Rs 13.97 billion was generated from registration fee, vehicle tax and other taxes, show the MoF data.

Source: THT