Revenue collection up by 21.24%, VAT largest contributor

Revenue collection increased by 21.24 percent to Rs 296.01 billion during Fiscal Year 2012/13, with contribution of VAT being the largest in the total revenue mobilization. The government had set a target of collecting Rs 289.6 billion during the year. In the previous fiscal year, the government had collected Rs 244.14 billion. The Ministry of Finance (MoF) said on Thursday that VAT collection increased by 15.68 percent to Rs 83.5 billion during the review year. Similarly, collection of excise duty rose by 20.57 percent to reach Rs 36.66 billion. Income tax, the second largest source of revenue, was reported to reach Rs 67.01 billion, up by 28.06 percent compared to the collection earlier year. Similarly, the government collected Rs 10.26 billion as registration and vehicle taxes during the review year, up from Rs 7.79 billion reported in the earlier year. Contribution of VAT and income tax in total revenue stood at 29 percent and 23 percent respectively. Similarly, the contributions of customs duty, excise duty and non-tax revenue were recorded at 20 percent, 13 percent and 12 percent respectively.