KATHMANDU, March 14: The government has not been able to meet the revenue collection target of the first six months of the current financial year even in eight months. By the end of eight months of the current financial year, there is a huge gap between the targeted revenue collection and actual collection.
The government had set a target of collecting Rs 651 billion in revenue within the first six months of the current financial year, i.e. by mid-January. With only one day left to the end of eight months of the current year, only Rs 571 billion have been collected. The government has collected only 40.7 percent of the target revenue during the eight months of the current financial year.
According to the data of the Financial Comptroller General's Office (FCGO), so far the government has collected only 40.7 percent of the revenue target for the current year. The government has collected Rs 80 billion less than the revenue target in the six months of the current year. The government aims to collect Rs 1.295 trillion in tax revenue in the current financial year.
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During this period, the government has collected Rs 516 billion i.e. 39.84 percent of the tax revenue. The government has set a target of collecting a non-tax revenue of Rs 107 billion in the current year, but so far it has collected only 51.01 percent of the target, i.e. Rs 54.97 billion. The government has set a target of receiving Rs 55.45 billion in the current financial year in the form of grants. So far, only 8.66 percent of the target i.e. Rs 48 billion has been subsidized under this title. The government had collected Rs 483 billion rupees in revenue in the period up to six months of the current year.
Capital expenditure only about 22 percent
The government has also failed to make adequate capital expenditure on infrastructure during the first eight months of the current financial year. In the first eight months of the current year, the government has been able to make a capital expenditure of 21.86 percent i.e Rs 83.31 billion only.
The government had allocated Rs 380 billion for capital expenditure in the current financial year. In the current financial year, the government allocated a budget of Rs 1.793 trillion for current, capital and financial management. But, Rs 772 billion or 43.09 percent has been spent during the eight months of the current year. This is only 43.09 percent of the total target. Likewise, the government has spent Rs 611 billion in this period under the heading of regular (current expenditure) expenses. Similarly, Rs 85.15 billion has been spent on financial management.
Low capital expenditure means slow pace of development work. Government agencies have not been able to spend enough budget on multi-year projects. The same is the case with projects listed as projects of national pride. Even the road department, which is known as the center of development, has not been able to spend enough capital budget in the current financial year.
The government had spent Rs 455 billion in the six months of the current fiscal year. In that period, 38.46 percent of the capital budget was spent. The government spent 53.45 billion or 14.05 percent on capital expenditure during this period.
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