Revenue collections target remains unmet

Inland revenue collection in the first eight months of the current fiscal year failed to meet the target. According to the Inland Revenue Department, the collection is just around 80 percent of the target.

The Department had set a target of raising Rs 353.91 billion in the second quarterly of the fiscal year 2022-23. But the inland revenue collection in the period is Rs 281.99 billion which is 79.78 percent of the estimate.

The collection in each sector except education is less than the total revenue collection in the corresponding year last year.

The income tax accumulation till March 14 was Rs 117.07 billion against the target of Rs 158.25 billion. The collection is just 73.98 percent of the target.

The Value Added Tax (VAT) collection is also less than the target as there was a target of collecting Rs 82.43 billion in the given period, but the collection is calculated at Rs 68.77 billion and it is less by three percentage points than the corresponding period last fiscal year.

Though towards the excise duty, there is a slight increment than in the previous year, the target for the given period still remained unmet. As the Department said, its approximate collection of excise duty was Rs 76.82 billion till the mid-March, but the achievement was around 84.36 percent or Rs 64.81 billion. The collection is more by around four percentage points in the corresponding period last fiscal year.

 In the second quarter, the collection of house rent tax is 78.81 percent of the estimate as it is calculated at Rs 1.69 billion against the target of Rs 2.14 billion and it is less than 10 percentage point in the corresponding period last fiscal.

Likewise, the health service tax accumulation is 97.11 percent of the approximation. The Department registered the tax payment of Rs 4.71 billion in the given period against the target of Rs 4.85 billion.

However, the collection of education tax surpasses the target to reach 1.6 billion while the target was for Rs 1.04 billion.