According to the Ministry of Finance (MoF), the government collected Rs 7.84 billion in revenue from customs duty during the first quarter. The collection was 23 percent above the target and 50 percent more than what the government collected during the same quarter last year.
Excise duty too fetched Rs 5.11 billion in the state treasury. The figure exceeded the target by some 40 percent and grew by 76 percent over the excise collected in the same period last year.
Revenue collection from income tax grew at a constant rate, exceeding the target by some 3 percent, and totaled Rs 3.76 billion during the period. MoF attributed this rise to the widening of tax net and also new measures it initiated to increase tax compliance.
The recently imposed education service charge also fetched Rs 27.33 million in revenue.
Despite sound improvement in all major taxes, the government has failed to meet the target of value added tax (VAT) set for the period. This suggests that the government is still lagging behind in effectively enforcing VAT, the biggest contributor in national revenue. The government collected Rs 11.41 billion in revenue from VAT. The collection amount fell short of the target set for the period by some 4 percent. Nonetheless, the collection was 25 percent more than that recorded in the same period last year.
Vehicle tax too generated mere Rs 565 million. The collection was almost about half of the target set for the period and less than what the government mobilized in the same period last year.
Registration fees, on the other hand, contributed Rs 1.35 billion in revenue, which was 50 percent growth over the collections made in the same period last year.
The government has set a target to mobilize Rs 176.50 billion in revenue in the current fiscal year. The target is some 26 percent rise over the revenue that it mobilized in the last fiscal year.
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