“The shortfall occurred because we could not mobilize as much excise revenue as we targeted. Slackness in automobiles market, which resulted in a shortfall in collection of registration fee and vehicle tax by 25 percent, also had its impact,” said Finance Secretary Krishna Hari Baskota.[break]
Breakdown of revenue collections for the period shows, Ministry of Finance collected valued added tax of Rs 46.09 billion, well exceeding the target set for the period by 4 percent. Likewise, income tax contributed Rs 27.85 billion in national treasury, exceeding the target by 3 percent, while customs duty generated Rs 26.08 billion.
Though excise duty generated Rs 19.27 billion, the collection remained less than what the government had anticipated. Non tax revenue too fell short of target by 16 and generated Rs 20.11 billion.
The government´s capital spending too increased substantially over the last few months and touched Rs 15.39 billion. The spending is 21.21 percent of what the government had planned to spend for development works over this fiscal year.
“The spending soared drastically over the last month as development works picked up amid constant monitoring and push by the Ministry of Finance and Prime Minister´s Office,” said Baskota.
Data of MoF shows that the recurrent budget during the period jumped by over 48 percent to Rs 128.91 billion, while spending of financing budget grew by about 28 percent to Rs 12.55 billion.
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