Of the total collections, Rs 18.25 billion came in the form of tax revenue, while remaining Rs 891 million was mobilized through non-tax sources, according to Ministry of Finance (MoF).[break]
Though the government has not yet set any revenue collection target for this year due to the lack of full-fledged annual budget, MoF for its internal purpose had targeted to collect Rs 17.69 billion in the month ending mid-August, 2012. “Considering this internal circular, revenue collection for the month exceeded our target by Rs 1.45 billion,” said Finance Secretary Krishna Hari Baskota.
He attributed the rise to growth in imports and increase in economic activities with the onset of the festive season. “Fresh reform initiatives and efforts to tighten revenue leakage too resulted in such encouraging growth of revenue,” he added.
Breakdown of revenue collection for the month shows, MoF collected revenue worth Rs 7.93 billion from value added tax (VAT), posting a growth of more than 20 percent over what it had mobilized in the same period last year.
“Collections from customs duty also rose by almost 37 percent and touched Rs 3.94 billion during the month,” reads a MoF statement. Revenue from income tax also grew by 46 percent and stood at Rs 3.30 billion during the first month of 2012/13.
While collection from excise duty also rose and stood at Rs 2.50 billion, revenue from vehicle tax and registration fee dropped by 4.14 percent to Rs 567 million during the month. The drop indicates realty market is still in slump, and fewer people have renewed their vehicles registration.
“Collections from rental tax also fell short of the target,” said Baskota, adding that MoF would make special efforts to plug the existing gaps in the coming months.
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