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Revenue Collection Up 38%

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Revenue Collection Up 38%
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October 25: Revenue collection has increased by 38 percent in the first quarter of the fiscal year 2073/74 compared to the corresponding period of the last FY. In the current FY, the government had targeted to collect Rs 40.28 billion revenue by mid-October 2016. According to the latest data of the Inland Revenue Department (IRD), the revenue collection has reached Rs 41.37 billion. As per IRD, the growth of the revenue collection is 103 percent of the targeted amount. 


The government has collected Rs 17.16 billion in income tax, Rs 14.57 billion in value added tax (VAT) and Rs 9.22 billion as excise duty during the first quarter of current FY. The amount collected under the headings of income tax, VAT and excise duty are respectively 110, 102 and 93 percent more than the targeted amount. 


Similarly, the government has collected Rs 17.37 billion under education service tax and Rs 24.16 billion in health service tax. The collected amounts of education and health service tax are 96 and 83 percent of the targeted amount respectively. Compared to the last FY, the growth rate of income tax , VAT, excise duty, education service tax and health service tax are 138 percent, 123 percent, 168 percent, 133 percent and 129 percent respectively. 

 

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