‘VAT mobilization to go up by 20 pc’
‘VAT mobilization to go up by 20 pc’
Ministry of Finance (MoF) has said that recent reforms initiated under VAT was expected to generate 20 percent additional revenue from VAT than the initial target, in the current fiscal year.
The government, in its budget speech for the current fiscal year, had announced to mobilize revenue worth Rs 23.65 billion from VAT. With the recent initiatives, it hopes the VAT mobilization will to go up by Rs 4.73 billion to Rs 28.38 billion.
Issuing a press statement, MoF has said that the scheme of Voluntary Disclosure of Stock (VDS) lacking VAT invoice, which ended recently, has helped it mobilize additional VAT revenue.
“The scheme was announced as per the government’s vision to evolve VAT as the main source of revenue and it aimed to bring in more taxpayers within the VAT net,” says the release.
More: kantipuronline.com