Print Edition - 2014-12-11 | MONEY
Revenue collection swells to Rs 114b in first 4 mths
Dec 10, 2014-
The government’s revenue collection jumped 21.81 percent to Rs 114.88 billion during the first four months of the current fiscal year, continuing the upswing that began a few years ago, the Finance Ministry said.
The income surpassed the target of Rs 106.62 billion for the period by Rs 8.26 billion thanks to surging imports. Merchandise imports during the first three months have already reached Rs 192 billion.
Import taxes are the largest source of revenue for the government. According to the Finance Ministry, tax revenue accounts for 89.67 percent of the total revenue collection.
Customs duty collection swelled 21.59 percent to Rs 24.35 billion while value added tax collection rose 18.15 percent to Rs 37 billion during the review period. Income from excise duty rose 20.23 percent to Rs 16.89 billion.
Likewise, income tax collection surged 28.11 percent to Rs 16.27 billion. Registration fee collection doubled to Rs 8.4 billion while non-tax income amounted to Rs 11.48 billion. Of the total revenue collection, VAT accounted for 32 percent, customs duty 21 percent and income tax 14 percent.
Meanwhile, due to rising revenue collection over the last few years, its size compared to the GDP has also been growing. In the last fiscal, its size against the GDP increased to 18.5 percent compared to 15.3 percent in fiscal 2009-10.
Published: 11-12-2014 09:53