KATHMANDU, Feb 24: The government mobilized Rs 154.59 billion in revenue during the first seven months of 2012/13, up by 20.33 percent compared to the amount mobilized during the same period last year.
The Ministry of Finance (MoF) on Monday stated that the government collected Rs 31.67 billion in customs duty which is a rise of 38.87 percent compared to figures of same period in the last fiscal year.
Similarly, collection of Value Added Tax (VAT) and excise duty increased by 18.06 percent and 19.65 percent, respectively to Rs 47.08 billion and Rs 20.16 billion. Non-tax collection also increased by 8.83 percent to Rs 16.67 billion.
Revenue from Education Service Tax and income tax also surged by whopping 48.66 percent and 31.89 percent to Rs 178.7 million and Rs 34.57 billion, respectively during the review period.
However, registration duty and vehicle tax collection declined by 1.42 percent to Rs 4.24 billion during the period.
The government mobilized Rs 20.02 in revenue, including non-tax revenue of Rs 2.16 billion, in the month to mid-February. Revenue mobilization during the month was up 14.81 percent compared to figures of the same month in 2011/12.
In the seventh month of 2012/13, collection of VAT and customs duty rose by 22 percent and 35.71 percent to Rs 6.94 billion and Rs 4.52 billion, respectively. Similarly, excise duty and income tax collection increased by 11.11 percent and 22.39 percent, respectively to Rs 2.47 billion and Rs 3.28 billion. However, registration and vehicle tax revenue during the month went down to Rs 635.3 million from Rs 710 million recorded in the same month in the last fiscal year.
Meanwhile, Finance Minister Barsha Man Pun has expressed dissatisfaction over slow progress in revenue mobilization in different headings except income tax.
Speaking at the revenue review meeting at the finance ministry on Monday, Pun said directed officials concerned to plug revenue leakage in tourism sector and Gutkha transactions. He also asked officials to look into transactions of Hundi, an informal money transfer system.
Similarly, finance secretary Shanta Raj Subedi also instructed concerned officials to come up with programs to control revenue leakage.
Rajan Khanal, joint secretary at the ministry, said alarming rise in imports of farm products has emerged as a big problem in the government´s bid to reduce trade deficit.