The care-taker government has been able to collect Rs 13.16 billion revenue in the first month of the current fiscal year.
"The collection exceeds Rs 1.46 billion or 12.1 per cent in comparison to the same period of the last fiscal year," said Revenue Secretary Krishnahari Baskota. "The collection is encouraging as there has not been any changes in the tax structure in absence of full-fledged budget," he said adding that the first month (Shrawan) of last fiscal year, the government had collected Rs 11.74 billion.
As usual, Value Added Tax (VAT) has contributed the highest in the total revenue collection as its contribution stands at 44 per cent to Rs 5.77 billion followed by customs tax that contributed Rs 2.55 billion or 19 per cent; income tax contributed Rs 2.21 billion or 17 per cent; excise contributed Rs 1.59 billion or 12 per cent; non-tax, registration and vehicle tax contributed Rs 1.04 billion or eight per cent to the government coffer.
"Following the collection trend of last six months, the revenue collection is satisfactory," he added.
Since last four fiscal years, the revenue collection has seen consistent growth due to changes in tax policy, entrepreneurs and government's consistent effort that has been successful in controlling leakages, according to the Finance Ministry.
In the last fiscal year too, the government had exceeded revenue collection target by over three per cent to Rs 181.6 billion. In the budget for the fiscal year 2009-10, the government had targetted to collect Rs 176.5 billion revenue. The collection was 26 per cent higher than in the fiscal 2008-09, when the government had collected Rs 143.47 billion.
Though, the government had -- in its mid-term budgetary evaluation of 2009-10 -- revised the revenue collection target upwards to Rs 190 billion encouraged by the robust growth in the first quarter, it could not meet the revised target.
In the later months of the fiscal, the growth rate of revenue collection had not seen consistency in growth making the revised target impossible.
However, the entrepreneurs blame government for being more revenue-centric. "The import-based revenue has taken a toll on our export competitiveness," they blame, adding that the whopping trade imbalance has not only pulled the Balance of Payment (BoP) to deficit, but also hurt the domestic industries.
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