Birgunj meets revenue target in 10 monthsEffective monitoring and controls have enabled Birgunj Inland Revenue Office (IRO) achieve its annual revenue target in the first 10 months of the current fiscal year, two months earlier.
Effective monitoring and controls have enabled Birgunj Inland Revenue Office (IRO) achieve its annual revenue target in the first 10 months of the current fiscal year, two months earlier.
IRO Chief Gopi Krishna Koirala said the annual revenue target of Rs5.32 billion has been met by mid-May. In the past years, it was difficult to met revenue collection target easily.
According to the office, as of mid-June, the office collected revenue of Rs6.38 billion, 36 percent more than the target.
The action initiated to plug the leakage, actions against tax evasion and control on using fake excise duty in alcoholic products were the reason behind to meet the target easily, said Koirala.
In March, Finance Minister Yubaraj Khatiwada had ordered customs officials to pay special attention to the customs valuation process to prevent revenue leakage. Following the minister’s instructions, customs officials have been rigorously checking the reference prices of imported goods to prevent under-invoicing and boost customs revenue collection.
Among the revenue collection in mid-June, Rs797.2 million came from income tax, Rs42.7 million from house rent tax, Rs30.1 million from interest tax, Rs87.3 million from other tax, Rs99.9 million from value added tax, Rs44.9 million from excise duty, Rs14.4 million from health service tax and Rs654,400 from education tax.
Beside interest tax, health service tax and education tax, the revenue collection in all the headings have been achieved more than targeted. The revenue collection has swelled by 9 percent in income tax, 15 percent in home rent tax, 8 percent in other tax, 27 percent in value added tax and 40 percent in excise duty.
Currently, the office has 25,300 registered PAN holders, 7,260 are registered in value added tax and 907 in excise duty.