Kathmandu, October 25, 2018: Revenue collection target of the government has exceeded in the first quarter of the ongoing fiscal year. The revenue growth till now has increased by 41.7 per cent as compared to the corresponding period of the previous fiscal year.
As per the Revenue Division under the Ministry of Finance(MoF), the collection of the government is total of Rs. 197.87 billion against the target of Rs. 191.62 billion.
The target of the revenue collection exceeded under the heading major tax excluding the value-added tax (VAT) and income tax. VAT, income tax and customs tariff are considered as the major source of the tax revenue.
According to the Finance Ministry, the major source of revenue is VAT and the collection under VAT is Rs, 61.02 billion against the target of Rs. 65.59 billion. The collection under customs tariff is Rs. 42.49 billion, against the target of Rs, 38.94 billion.
Similarly, the collection under the excise is Rs 33.82 billion against the target of Rs 29.29 billion. The collection under the income tax is Rs. 27.03 billion against the target of Rs 27.7 billion.
The government collected Rs 3.4 billion under vehicle tax, Rs 850 million under registration fees, Rs 306.43 million under health service tax. According to Mof, the collection under education service tax was Rs 342.7 million against Rs192.5 million. The collection under other tax is Rs 4.18 billion.
As compared to Rs 730.05 billion of the previous fiscal year, the government has raised the revenue collection targeted by 29.5 per cent in the current fiscal to Rs 945.56 billion.