KATHMANDU, June 17: The government's revenue collection for the current Fiscal Year (FY) has fallen short compared to the previous FY.
As of Jestha (mid-May to mid-June), the government has collected a total of 486.4 billion rupees. In the same period of the previous fiscal year, the revenue collection amounted to Rs 414.3 billion.
Diversifying Government Revenue
The Inland Revenue Department (IRD) reported that the revenue collection this year is Rs 1.78 billion less than the previous year. Following a decline in foreign exchange reserves, the government had imposed a ban on the import of 10 items from Baisakh (mid-April to mid-May) 2079 BS. Although the ban has been lifted, the IRD cited that the revenue collection is still below that of the previous year.
The IRD also disclosed that there has been a 115 percent increase in revenue collection in the month of Jestha alone as compared to last year. In Jestha this FY, revenue collection reached Rs 36.99 billion, whereas it stood at Rs 32.10 billion in the same month last FY. Thus, the revenue collection for the same period this year has increased by Rs 4.89 billion.
Furthermore, the IRD reported that only 94 percent of income tax has been collected compared to last year. Until Jestha 2080 BS, the income tax collection amounted to Rs 170.42 billion, while it was Rs 182.23 billion during the same period last year. This indicates a deficit of Rs 11.82 billion in income tax collection for the current year. However, in Jestha alone, an income tax of Rs 11.34 billion has been raised, surpassing the Rs 8.83 billion collected during the same period last year.
Meanwhile, the Financial Comptroller General Office stated that only 59.64 percent of the revenue target has been achieved thus far, with a total collection of Rs 836.85 billion. The government had set a target of Rs 1.43 trillion in revenue collection for the current fiscal year.
