Revenue collection rises in three months, surpasses target

KATHMANDU: Revenue collection in the first three months of the current fiscal 2017-18 has increased  by 24 per cent in compared to the corresponding period last year.

According to the Inland Revenue Department, the revenue collection till the month of Asoj (mid September - mid October) exceeded the target of 51.34 billion and reached 51.63 billion.

Of the total collections, Rs 20.74 billion was gathered under the income tax, Rs 18.32 billion achieved under the Value Added Tax (VAT) and 12.81 billion was raised under excise duty.

Revenue worth more than Rs 202.2 million and Rs 277.9 million has been collected under education service and health service taxes respectively.

A total of 16 per cent has increased in income tax collected in the past three months as compared to the same period last year, 25 percent in VAT, 37 percent in other fees, 15 percent in health service tax and 16 percent in education service tax.