IRD Reports 11.3% Increase in Revenue Collection for Current Fiscal Year

The Inland Revenue Department (IRD) has reported an increase in revenue collection over the past few months. According to IRD statistics, revenue collection reached Rs 41.19 billion by June 14 of the current fiscal year, compared to Rs 37 billion during the same period last fiscal year, marking an 11.30 percent increase.

In the last 11 months, ending June 14, 2024, the IRD collected a total of Rs 448 billion, a 9.64 percent increase from the Rs 408 billion collected during the same period in the previous fiscal year. IRD Director General Shiva Lal Tiwari highlighted that revenue collection has risen by Rs 40 billion in comparison to the previous fiscal year.

The breakdown of revenue sources includes Rs 232 billion from income tax (including rent and interest), Rs 112 billion from VAT (internal), and Rs 95 billion from excise duty. Additionally, Rs 8 billion was collected from health services, education, and other sources.

Director General Tiwari stated that 78.5 percent of the total targeted revenue has been collected so far, and efforts will be intensified to meet the target by the end of the fiscal year on July 15.