-  Monday 28 September 2020

Revenue mobilization rises by 6 pc

KATHMANDU, Jan 31 - The government has mobilized Rs 31.58 billion in revenue during the first six months of the current fiscal year. The collection was about 6 percent higher than collections made during the same period last year, according to Ministry of Finance (MoF).
But, such a growth offers no respite to the government, as the collection is just about 90 percent of the target. Even the MoF statistics shows that contrary to initial expectations, the volume of revenue from customs has declined by over 7 percent during the first half of the current fiscal year.

The government has mobilized a total of Rs 7.01 billion in revenue from customs during the period. This includes Rs 6.36 billion collected from imports and Rs 0.32 billion from exports, among others.

The performance of VAT too was recorded dismal during the period, as the collection of VAT revenue did not match with the rise in rate, said the official.

The MoF data shows that revenue collection from VAT rose to Rs 9.89 billion from Rs 8.04 billion recorded during the same period of the last fiscal year. The growth is over 23 percent.

"However, if the increased rate of VAT rate by 30 percent is to be adjusted, the collection of this period is down by over 5 percent as compared to that recorded during the same period last year," said the official.

The government had increased the VAT rate by 3 percentage point from mid-January 2005 to 13 percent.

Revenue collection from excise, on the other hand, recorded an increment of over 2 percent during the period. According to the MoF statistics, the government has mobilized revenue worth Rs 3.09 billion from excise duty during the period.

Tax revenue including that collected from the income tax went up by over 3 percent as compared to records of the same period last year. It was recorded at Rs 4.74 billion during the first six months of 2005/06.

While revenue from registration fees soared by 27 percent to Rs 1.19 billion, revenue collection from vehicle tax went up by over 7 percent to Rs 491.94 million.

Of the total revenue, collection from the tax revenue recorded an increment of 7.54 percent to Rs 26.44 billion, while that from the non-tax sources dipped by about 2 percent to Rs 5.14 billion, shows the MoF data.

The Kathmandu Post

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