Government misses revenue target
The government missed the revenue target by Rs 6.81 billion in the eighth month of the current fiscal year.
The government had targeted to raise Rs 219.4 billion by the eighth month of the fiscal year, according to the Finance Ministry. "However, the government has been able to mobilise only Rs 212.59 billion, which is but 19.45 per cent compared to the last fiscal year's same period."
The government needs to increase the revenue mobilisation growth rate to 19.76 per cent to meet the target, according to the Revenue Division under the ministry.
Last month too, the government had missed the revenue target by Rs 3.47 billion, though it posted a growth of 22.2 per cent compared to the first seven months of last fiscal year.
As the government targets to mobilise total revenue of Rs 354.5 billion in the current fiscal year, it has to mobilise Rs 135.1 billion in the next four months, which means the government needs to mobilise Rs 1.12 billion per day now-onwards.
The government has been able to mobilise Rs 42.91 billion in customs duty that is an increament by 17.69 per cent in the first eight months of current fiscal year 2013-14 compared to same period last fiscal year.
Likewise, VAT mobilisation increased by 18.58 per cent to Rs 63.43 billion, excise duty by 21.9 per cent to Rs 28.13 billion and income tax by 12.66 per cent to Rs 41.37 billion, the ministry said, adding that income tax growth rate has been slowed down.
The government has targeted to mobilise Rs 103.05 billion from VAT, Rs 69.35 billion from customs duty, Rs 44.94 billion from excise duty and Rs 77.2 billion from income tax in the current fiscal year.
Similarly, non-tax revenue increased by 24.43 per cent to Rs 26.36 billion by the end of the eighth month, against Rs 21.18 billion in the same period of last fiscal year.
As usual , VAT contributes 29.83 per cent – the largest to the government coffer, followed by customs duty at 20.18 per cent, and income tax at 19.46 per cent. Likewise, the excise duty contributes 13.23 per cent, and non-tax revenue 12.39 per cent, the ministry added.