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Inland Revenue Collection up by 42%

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Inland Revenue Collection up by 42%
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January 24: During the first six months of the current fiscal year beginning in July, a total of Rs 112 billion as revenue has been collected by the Department of Inland Revenue and underlying revenue offices. 

The collected revenue is 42 per cent more than that of the corresponding period last FY, as per the statement issued by the department.

According to the Department, it has been successful in collecting 106 per cent of the given target of Rs 106.32 billion revenue by mid-January of the current FY. The figure of revenue collection does not include customs charge of imported merchandise. Including the customs charge, the revenue collected is above Rs 250 billion during the period, shows the statistics of the Office of the Comptroller General. 

As per the statistics of the Department, income tax has major contribution of Rs 62 billion in the internal revenue followed by Value Added Tax (VAT) amounting to Rs 28 billion.

Similarly, excise duty of Rs 21.08 billion has been collected while the remaining amount has been collected through health and education charges.

The collected income tax is 109 per cent of the given target whereas VAT is collected 100 per cent. Similarly, 104 per cent excise duty has been collected and education service charges and health service charges have been collected 88 per cent and 89 per cent respectively.

Compared to the review period of the last FY, the income tax, VAT and excise duty have increased by 147 per cent, 125 per cent and 160 per cent respectively. Likewise, health service tax and education service tax have increased by 131 percent each, as per the statistics.

Chudamani Sharma, Director General of the Department congratulated the employees for collecting excess revenue than the targeted revenue. He also directed employees to obtain due tax from related kin in case of death of any taxpayer.

For those offices which could not meet the revenue collection target, he ordered to submit the basis and causes of low revenue collection. In the context of ineffective collection of house-rent tax, he said that the market inspection will be made intense by taking the rent paid by government offices as a base.

Moreover, the Department has prepared an action plan under which details of taxpayers will be included in taxpayers' registration process and effective inspection will be carried out on the stickers of alcoholic beverages and tobacco products. 

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