Govt on track to exceed revenue collection target this fiscal
Kathmandu, June 21
The government has already collected 93 per cent of the annual revenue collection target of Rs 565.9 billion in the first 11 months of this fiscal.
The revenue collection in the first 11 months stood at Rs 527.39 billion, exceeding the set target by Rs 33.85 billion, as income tax collection surpassed the target substantially. This was on the back of Ncell, a telecommunication service provider, filing outstanding tax dues worth Rs 13.6 billion.
A total of Rs 120 billion was collected under income tax against the target of Rs 99.09 billion in the review period.
Value added tax
Health service tax
Education service tax
Though overall revenue collection exceeded the target, there was still a shortfall under value-added tax (VAT), a major source of revenue for the government. The government collected Rs 144.92 billion from VAT against target of Rs 148.84 billion in the review period, as per the Revenue Division under the Ministry of Finance (MoF).
Similarly, customs tariff and excise collection also surpassed the target by Rs 8.36 billion and Rs 5.81 billion, respectively, to stand at Rs 102.63 billion and Rs 77.76 billion. A shortfall in education and health service tax was witnessed in the review period as collection under these headings stood at Rs 0.67 billion and Rs 0.8 billion against the target of Rs 0.68 billion and Rs 0.92 billion, respectively. Likewise, Rs 8.08 billion was collected through vehicle tax against target of Rs 7.16 billion.
Registration tax collection also exceeded target to stand at Rs 17.18 billion against target of Rs 13.34 billion as transactions of land boomed after the earthquake. The government collected Rs 14.66 billion from other tax heading and Rs 40.69 billion under non-tax heading. The government missed non-tax revenue collection target, which was set at Rs 48.67 billion for the review period.