It was for the fourth consecutive year that the government has managed to beat the target comfortably, said Revenue Secretary Krishna Hari Baskota. The collection was a rise of 25.5 percent from what the government had mobilized in the previous fiscal year. [break]
Revenue statistics of Ministry of Finance shows that value added tax (VAT), as usual, contributed the biggest chunk of revenue to the government in 2009/10. The collections from VAT stood at Rs 56.75 billion during the year.
Likewise, customs duty contributed Rs 35 billion, income tax generated Rs 33.75 billion and excise duty yielded Rs 24.25 billion during the fiscal year.
Issuing a statement, Ministry of Finance said registration fees too fetched additional Rs 5 billion in revenue along with Rs 2.25 billion from vehicles registration tax. Non-tax sources generated Rs 23 billion to the national coffer.
Baskota attributed the consistent growth in revenue collections to recent efforts of the government to motivate the revenue officials, introduction of reforms in revenue administration and new steps taken to plug the leakage.
“Wider issuance of Permanent Account Number (PAN) and publication of tax directives largely made the government´s program to mark 2009/10 as tax compliance year successful,” said Baskota.
He also claimed that the selectivity model of customs clearance helped increase customs efficiency. “Twenty four hours open control room and wide deputation of flying squad resulted in effective control of revenue leakages,” Baskota added.
Related story
Diversifying Government Revenue
