July 27: The government in the last fiscal year collected internal revenue worth Rs 258.17 billion. The collected amount in FY 2016/17 was 26 percent more than the amount collected in the previous year.

In the last FY, collection of income tax increased by 27 percent while VAT and excise duty were up by 23 and 30 percent respectively.

The Inland Revenue Department had set a target of collecting Rs 233.60 billion last year but the total revenue collected was 11 percent more than the target.

Data provided by the IRD on July 26 shows that the highest revenue it collected was Rs 148 billion from income tax. During the one-year period, IRD collected Rs 61.12 billion from VAT. Revenue collection from excise duty was Rs 47.21 billion while education service charge and health service charge were Rs 730.97 million and Rs 860.33 million respectively.

IRD’s Director General Kishor Jung Karki said that although they faced tough challenge, the department was able to meet the target due to their relentless efforts.