A significant rise in revenue for the first eight months of 2024,

The government has reported a significant rise in revenue for the first eight months of 2024, with total government revenue, including grants, increasing by 40.5%.  percent .

This growth amounted to. 2,565.9 billion rupees , a sharp increase from 1,826.6 billion rupees collected during the same period in 2023.

The rise was largely driven by a strong performance in tax revenue, which surged by 41.4%, reaching  2,348.5 billion rupees .

 Account for a substantial 60.5% of total tax revenue, saw the most dramatic rise, increasing by nearly 60% to  1,421.3 billion rupees.  

The Value Added Tax (VAT) was a major contributor to this growth, climbing by an impressive 87.2% to 842.5 billion rupees.

This increase was attributed to recent adjustments in the VAT rate, a lower registration threshold, and the removal of numerous exemptions.

 Meanwhile, revenue from income taxes also showed a solid 16.3% growth, reaching 624.7 billion rupees.

This was supported by measures such as enhanced tax compliance and the implementation of advanced tax policies, including the Advance Personal Income Tax (APIT) and Withholding Tax.