The government´s revenue from taxable sources went up by 27.47 percent, while income from non-taxable sources fell moderately, says a Ministry of Finance statement issued on Friday. [break]
The biggest contribution to the government´s income in the 10-month period was made by value added tax (VAT). The government raised Rs 68.29 billion in VAT in the first 10 months of the current fiscal year. Second in the league table was income tax, which contributed Rs 52.12 billion to the state coffer. This was followed by revenue of Rs 46.73 billion generated from customs duties, Rs 29.05 billion from excise duties, Rs 4.02 billion from registration fees and Rs 3.90 billion from vehicle tax. The government also raised additional Rs 30.34 billion from other sources.
“Enhancement in capacity of tax administration, adoption of scientific customs evaluation process, simplified inspection process, effective control of revenue leakages and mobilization of security forces to curb cross-border smuggling were the major reasons that led to higher collection of revenue in the review period,” the statement quoted Finance Secretary Santa Raj Subedi as saying. “Hike in imports, frequent inspections, action taken against those evading VAT and formulation and effective implementation due tax amount collection work plan also gave a boost to revenue collection.”
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