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Govt. collects Rs. 274 b in January aided by higher VAT Featured

The Government revenue in January has shot up 25% higher than the target to Rs. 274 billion aided by increased VAT in addition to widen coverage, State Finance Minister Ranjith Siymabalapitiya told Parliament yesterday.

He highlighted that the Customs Department also exceeded its target of Rs. 114 billion for January, achieving Rs. 121 billion, marking an 11% increase over the estimated revenue.

Moreover, the Excise Department reported revenue of Rs. 14 billion, surpassing the target of Rs. 12 billion, whilst the Inland Revenue Department recorded Rs. 114 billion, exceeding the set target of Rs. 88.9 billion.

Siyambalapitiya noted that despite concerns regarding inflation following the 20% increase in VAT rate from 15% to 18%, January witnessed a manageable inflation rate of 6.4%.

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