The government has been able to mobilise Rs 24.66 billion revenue exceeding its target by Rs 1.38 billion– which is 105.96 per cent of its target Rs 23.28 billion – in the first month of the current fiscal year 2013-14 due to timely budget and reforms in the revenue administration.
However, the revenue mobilisation is 28.87 per cent more compared to the first month – between mid-July and mid-August – of the last fiscal year 2012-13, when it had mobilised Rs 19.15 billion.
“The increase in the revenue mobilisation is also due to private sector’s coordination and timely reforms,” said finance secretary Shanta Raj Subedi.
Though, the total revenue mobilisation has been encouraging in the beginning of the fiscal year 2013-14, it has missed VAT, excise duty and customs duty targets, according to the Finance Ministry.
Due to slowdown in imports duty, customs mobilisation stood at Rs 4.69 billion, from the target of Rs 5.03 billion, for the month, though it is 17.73 per cent higher compared to the same month of the last fiscal year.
Similarly, VAT mobilisation also stood at Rs 9.29 billion, which is 3.5 per cent less than the target, though it is 17.03 per cent more than the first month of last fiscal year, due to low domestic production, the ministry added.
The government also fell short of excise duty target by around eight per cent to Rs 2.99 billion against the target of Rs 2.98 billion – due to low excise in imports compared to the local production – though the government has been able to mobilise some 24.46 per cent more than last fiscal year’s first month.But the government has seen an encouraging mobilisation of income tax as its collection stood at Rs 4.03 billion, up by Rs 727.3 million – some 22 per cent – compared to the month’s target. “It is some 29.22 per cent more compared to the collection of the same month of the last fiscal year,” it said, attributing the growth to the increased house rent and other taxes. “Likewise, the government has been able to mobilise Rs 2.24 billion under registration, vehicle and other taxes.”
Likewise, the tax revenue mobilisation is three per cent and non tax revenue is 94.9 per cent more than the target for the month,” the ministry said, adding that the tax revenue is 27.4 per cent and non-tax revenue is 58.7 per cent higher than the first month of the last fiscal year.