Q1 revenue collection up 24pc year-on-yearRevenue collection during the first quarter of the current fiscal year was up 24 percent year-on-year, the Inland Revenue Department (IRD) said.
Revenue collection during the first quarter of the current fiscal year was up 24 percent year-on-year, the Inland Revenue Department (IRD) said.
According to the IRD, it fulfilled its revenue collection target for the period mid-July to mid-October by collecting Rs51.62 billion against the goal of collecting Rs51.33 billion. Aggressive monitoring of business outlets has helped the government to raise revenue collection, the department said. An increase in the collection of income tax, value added tax (VAT) and excise duty also resulted in the total collection going up.
The IRD has been given a revenue collection target of Rs299.91 billion for the whole of fiscal 2017-18.
The IRD received Rs18.32 billion in VAT and Rs12.81 billion in excise duty during the first quarter. The figures represent 103 percent of the targeted amounts under the two categories. Income tax collection totalled Rs20.73 billion, reaching 97 percent of the targeted amount.
Similarly, the IRD collected Rs202.2 million in education service fee and Rs277.9 million in health service tax. The figures represent 85 percent and 73 percent of the targets respectively.
Compared to the first quarter of 2016-17, income tax collection was up 16 percent, VAT collection was up 25 percent, excise duty was up 37 percent, health service tax was up 15 percent and education service fee was up 16 percent during the first quarter this year.
According to the IRD, it succeeded in meeting the target despite facing a number of hurdles in revenue collection during the first two months of the fiscal year. The department had directed its line offices to increase market inspection from mid-September.
The department said it would cross-check the performance of these offices in the coming days to ensure more effective revenue collection.
To this end, greater focus will be put on advance billing system, collection of VAT, excise duty and tax dues, clearance of arrears and registration of trade fairs to be held in the future, the IRD said.
Revenue collection (mid-July to mid-October)