TAX Collection is Less than Target

Tax collection fell short of the target, reaching Rs 377 billion by mid-April

Within the first ten months of the currently active Fiscal Year, the Department of Internal Revenue has already collected ninety percent of the target amount. The division has a goal of collecting revenue totaling 420.18 billion rupees by the middle of April and has thus far collected 337.93 billion rupees.

The amount of revenue collected this year is 10 percentage points higher than during the same period of the preceding fiscal year's corresponding year. Midway through the month of April in the previous fiscal year, 2077/78, the department had accumulated a total of Rs. 343.43 billion in revenue.

The money collected from income tax, value-added (VAT), and excise duty are not up to the target level. Midway through the month of April, the projected income tax collection of 224.57 billion rupees had reached 88 percent or 173.63 billion rupees. In a similar vein, as of the target date of the middle of April for collecting revenues related to VAT amounting to 106.09 billion rupees, 85.32 percent, or 90.51 billion rupees, has been collected. On the subject of excise, we have collected 97.07 percent of the revenue possible. Only 83.30 billion rupees have been raised out of the 85.81 billion intended to be amassed in ten months.

According to the department's announcement, the tax on educational and medical services has been increased by a greater amount than the goal. The tax on medical care has brought in 5.32 billion rupees so far, while the tax on education has brought in 890 million rupees. The overall sum of 537 billion rupees is what needs to be brought in for the current financial year. It is necessary to collect approximately 160 billion rupees in tax revenue just in the months of June and July in order to accomplish this objective.