Tuesday, July 24, 2012

Revenue mobilisation exceeds target by Rs 2.37 billion

Unlike a fiscal year back, the government has been able to exceed the revenue mobilisation target by Rs 2.37 billion in fiscal year 2011-12, according to preliminary data.
"The government has been able to mobilise a revenue of Rs 244.14 billion — against the annual target of Rs 241.77 billion — in the last fiscal year," said finance secretary Krishna Hari Baskota today.
"Revenue mobilisation has recorded a 22.2 per cent annual growth rate as compared to a fiscal year ago," he said, adding that Value Added Tax (VAT) is the largest contributor to the total revenue mobilisation followed by income tax, customs, and excise duty as has been the trend since the last few fiscal years.
The largest contributor – VAT – has however failed to meet the target as its mobilisation stood at Rs 71.97 billion against the target of Rs 72.74 billion. "VAT mobilisation has, however, posted an increment of 16.7 per cent as compared to a fiscal year back," he said, attributing the increment to the finalisation of the investigation of the multi-billion VAT scam. "Since the last seven years, VAT mobilisation has seen a continuous increment."
Similarly, the continuous expansion of the tax net and effective income tax administration has led to the encouraging income tax mobilisation as it has recorded an increment of 25 per cent in fiscal year 2011-12 as compared to a fiscal year ago.
Income tax — which is the second largest contributor with 21.7 per cent to the total revenue mobilisation — has posted Rs 52.55 billion annual mobilisation. "Income tax mobilisation has exceeded the target as the ministry had targeted only Rs 51.06 billion," the finance secretary added.
The customs that stood third in terms of contribution to total revenue mobilisation has recorded Rs 43.41 billion against the target of Rs 41.56 billion.
The fourth largest contributor to the total revenue mobilisation — excise duty — contributed Rs 30.37 billion against the target of Rs 30.25 billion in the last fiscal year, according to the data of the Finance Ministry.
Baskota attributed the 13.5 per cent growth rate — as compared to a fiscal year back — of excise duty to the reforms in the tax administration and control of leakages. "The country has to gradually bring excise duty down due to its commitment to the global and regional trade regime like World Trade Organisation (WTO), SAFTA and BIMSTEC," said Baskota, adding that excise duty is imposed on tobacco, liquor and beer.
Similarly, the government has been able to exceed the target in non-tax revenue but failed to meet the target of registration and transportation tax. "The slowdown in the housing and land transactions, and low import of vehicles hit the revenue target," said Baskota, adding that the government has been able to mobilise Rs 7.96 billion in registration and transportation tax, and Rs 37.88 billion under non-tax against the target of Rs 9.19 billion and Rs 36.95 billion.
The revenue to GDP ratio has also seen an increment in the last few years except one fiscal year. "In fiscal year 2010-11, revenue to GDP ratio stood at 15.5 per cent," the secretary added.
Though the government has been able to meet the revenue target since the last few years — except in fiscal year 2010-11 due to the multi-billion VAT scam — economists have been blaming the government for its growing dependency on import-led revenue growth as the country has been unable to boost exports.

Target Vrs Mobilisation
Tax head — Target — Mobilised
VAT — Rs 72.74 billion — Rs 71.97 billion
Income tax — Rs 51.06 billion — Rs 52.55 billion
Customs — Rs 41.56 billion — Rs 43.41 billion
Excise — Rs 30.25 billion — Rs 30.37 billion
Registration fee, Transportation tax — 9.19 billion — 7.96 billion
Non Tax — Rs 36.95 billion — Rs 37.88 billion
(Source: Finance Ministry)

Sectoral contribution
VAT — 29.5 per cent
Income tax — 21.7 per cent
Customs — 18 per cent
Excise — 12.4 per cent
Registration fee, Transportation tax — 3.3 per cent
Non Tax — 15.1 per cent
(Source: Finance Ministry)


Anonymous said...

Thanks for your publish. My partner and i have
often seen that almost all people are desperate to lose weight simply because wish to show up slim along with attractive.
Nonetheless, they do not always realize that there are other benefits to losing weight in
addition. Doctors declare that overweight people are afflicted with a variety of conditions
that can be instantly attributed to their excess
weight. The good thing is that people who sadly are overweight and
also suffering from different diseases can help to eliminate the severity of their own illnesses through losing weight.
It is possible to see a constant but noticeable improvement with health
even a slight amount of fat reduction is reached.

my webpage :: connorstuff.com

Anonymous said...

My spouse and i got really cheerful Raymond managed to complete his basic research through
your ideas he had from your own web site. It's not at all simplistic just to choose to be giving freely things some other people may have been selling. We already know we have you to appreciate because of that. All of the illustrations you've made,
the easy site menu, the relationships you will assist to promote - it's got everything astonishing, and it's helping our son in addition to us recognize that this
article is entertaining, which is certainly highly indispensable.
Thank you for everything!

Here is my page :: free date services

Anonymous said...

What i don't realize is actually how you are no longer really much more neatly-preferred than you may be now. You're so intelligent.
You understand therefore significantly when it comes to this topic, made me for my part believe
it from so many varied angles. Its like women and men don't seem to be interested unless it is one thing to do with Girl gaga! Your individual stuffs outstanding. At all times maintain it up!

my homepage :: free dating love

Anonymous said...

I have discovered that wise real estate agents just about everywhere
are starting to warm up to FSBO Promotion. They are recognizing that it's not only placing a poster in the front yard. It's really in relation to building
associations with these traders who at some time will become consumers.
So, whenever give your time and energy to serving these sellers go
it alone - the "Law connected with Reciprocity" kicks in.
Interesting blog post.

my weblog ... fuck book

Anonymous said...

Thanks for your write-up. One other thing is individual states have
their own personal laws of which affect home owners,
which makes it very hard for the our elected representatives to come up with the
latest set of guidelines concerning property foreclosure on householders.
The problem is that each state offers own laws and regulations which may have impact in an undesirable manner with regards to foreclosure procedures.

Here is my blog; fuck book

Anonymous said...

I have seen loads of useful elements on your web page about computer systems.
However, I've the judgment that notebook computers are still more or less not powerful more than enough to be a good choice if you often do jobs that require a lot of power, for example video modifying. But for website surfing, statement processing, and most other typical computer functions they are just fine, provided you cannot mind the little screen size. Appreciate sharing your thinking.

my homepage - fuckbook