Revenue collection up by 14 pc

KATHMANDU, Jan 19: The government mobilized revenue of Rs 91.33 billion during the first six months of the current fiscal year 2010/11, 14.65 percent more than what it had mobilized during the same period last year.



The Ministry of Finance said Tuesday that the government collected Rs 29.5 billion as Value Added Tax (VAT), Rs 16.56 billion as customs duty, Rs 19.05 billion as income tax and Rs 12.99 billion as excise duty during the period.[break]



Similarly, the government mobilized Rs 1.58 billion, Rs 1.67 billion and Rs 9.58 billion as registration fee, vehicle tax and non-tax revenue respectively.



The government had failed to mobilize revenue as targeted till the first five months of 2010/11, collecting Rs 65.09 billion, which was Rs 5.96 billion short of the set target, due to delay in the announcement of budget for the current fiscal year.



Revenue Secretary Krishna Hari Banskota said the government can easily meet the target of mobilizing total revenue of Rs 126.64 billion in 2010/11 if the growth in revenue collection continued. He said internal strategy of the MoF and the implementation of electronic system in tax administration have contributed to higher revenue collection.



Revenue collection during mid-Dec to mid-Jan touched Rs 26.24 billion, which is 107.2 percent more than the set target.



Officials said increasing share of VAT in revenue, decreasing cases of under-valuation and adaptation of commodity classification principles are the positive trends seen in revenue mobilization in this fiscal year.

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