KATHMANDU, Sept 21: Government´s revenue collection went up by 27.2 percent to Rs 36.94 billion in the two-month period through September 16, according to a statement issued by the Ministry of Finance.
As per the preliminary figures, the government collected Rs 13.75 billion from value added tax (VAT) in the first two months of the current fiscal year, as against Rs 11.70 billion in the same period last fiscal year.
The government also generated another Rs 5.09 billion from income tax this year, up from Rs 3.76 billion of the same period last year.
Revenue earned through customs and excise duties also went up this year. In the first two months, the government raised Rs 8.95 billion from customs duties as against Rs 6.34 billion in the same period last year, while excise duties to the tune of Rs 5.30 billion was collected this year, compared with Rs 4.42 billion of last year.
Among others, Rs 1.51 billion was raised from registration fees and automobile tax and Rs 2.33 billion was collected in non-tax revenues.
Although the revenue collection of the government is higher this fiscal year, it could not be said whether progress is being made as revenue collection target has not been set for the year because of the government´s inability to come up with a full-fledged budget, Finance Secretary Krishna Hari Banskota was quoted as saying in the statement.
“Yet for our own purpose, we have set our own targets,” Banskota said.
For the first month of the current fiscal year, the finance ministry had set a revenue collection target of Rs 17.69 billion, which was beaten as actual revenue collection had topped Rs 19.15 billion.
“We were also able to beat the target of 16.51 billion set for the second month of the current fiscal year as actually collection stood at Rs 17.79 billion,” Banskota said.
The finance ministry has set a revenue collection target of Rs 17.39 billion for mid-Sept to mid-Oct period.