Govt collects Rs 747 billion revenue in eight months

Kathmandu. The government has collected a total of Rs 747.28 billion in revenue till mid-March of the current fiscal year 2082/83. According to the details made public by the Ministry of Finance, the same amount of revenue was collected till March 15.

It was 3.75 per cent over the corresponding period of last year. The government had collected Rs 720.24 billion in revenue till mid-March of the last fiscal year.

Similarly, the government collected Rs 82.25 billion in revenue in the month of March.

According to the ministry, the government had set a target to collect Rs 910.20 billion revenue by mid-March. According to the Ministry of Finance, only 82.10 per cent progress has been made against the target by the end of the eight months.

1. Customs Duty

The government had set a target to collect Rs 195.90 billion in customs duty by mid-March. However, only Rs 144.50 billion has been collected. This is only 73.76 percent of the target.

However, this year it has increased by 8.12 percent compared to Rs 144.18 billion collected in the same period last year. Imports and exports increased by 8.04 percent and 225.65 percent respectively.

2. Value Added Tax

Likewise, the value added tax (VAT), the main basis of revenue, has seen a growth of 7.35 percent in the review period. The government had collected Rs 225.53 billion against the target of Rs 246.43 billion in the review period.

In the same period last year, Rs 210.09 billion was collected. 7. Production, sales and services under VAT. Imports increased by 13 percent and 7.51 percent respectively.

3. Excise

Excise duty collection has seen a double-digit improvement. The collection of Rs 108.87 billion till mid-March of the last year was Rs 108.87 billion which has increased by 10.44 percent to Rs 120.36 billion this year.

The government had set a target of collecting Rs 133.21 billion during the period. Excise duty on domestic production is 10.01 percent and import is 11 percent. According to the ministry, there has been an increase of 06 percent.

4. Decline in Income Tax and Non-Tax Revenue

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Income tax and other revenues (non-tax) have declined. The income tax department has been collected at Rs 170.80 billion this year down by 1.42 per cent from Rs 173.26 billion last year. The target of income tax was Rs 237.80 billion.

Similarly, non-tax revenue (other revenue) was Rs. 81.54 billion in the last fiscal year as compared to Rs. 13.54 billion in the previous year. The collection decreased by 31 percent to Rs 70.69 billion. The non-tax revenue target was Rs 93.77 billion.

5. Education Service Charges & Others

However, there has been an encouraging increase in education service charge and other small headings. Last year, Rs 2.38 billion was collected, while this year Rs 66.7 billion was collected. It increased by 62 percent to Rs 3.97 billion.

This is the state of departmental performance

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Departmentally, the Department of Customs has collected Rs 319.94 billion in revenue till mid-March. It was 1.48 percent more than the previous year. The customs office was set a target of collecting Rs 378.16 billion during the period. This is 79.31 per cent of the target.

On the other hand, the Inland Revenue Department collected Rs 356.63 billion, showing an increase of 3.90 percent. The inland revenue was targeted to be collected at Rs 438.26 billion during the period. This is 81% of the revenue collection target. It is 38 percent.