KATHMANDU, MAY 15
Fiscal deficit is going up as revenue collection is minimal in comparison to the public expenditure.
According to the Financial Comptroller General Office (FCGO), the government's expenditure has exceeded by Rs 250 billion till May 14 of the current fiscal year 2022-23.
The public expenditure during this period was recorded at Rs 1,047 billion, while the revenue collection and grant received was equivalent to Rs 797 billion.
The FCGO stated that the government spending in the last 10-month period is equivalent to 58.41 per cent of the annual budget appropriation. The government had announced budget of Rs 1,793.84 billion for the current fiscal year. Of this budget, the government has so far spent Rs 1,047.76 billion.
It is said the current expenditure was 66.49 per cent, capital expenditure was 33.04 per cent and the expenditure towards fiscal management was 58.79 per cent of the set target until May 14 of the current fiscal year.
The budget under the current expenditure heading for the current fiscal year is Rs 1,183.23 billion and so far Rs 786.74 billion has been spent. Similarly, Rs 380.38 billion was earmarked under the development heading in the current fiscal year and of this amount, Rs 125.67 billion has been spent in the 10 months.
Looking at the status of budget spent during this period, the budget spending under the fiscal management heading has exceeded that under capital heading. Rs 135.34 billion has been spend towards fiscal management.
The spending under the fiscal management heading is mainly for paying the principal and interest of public debt.
The government has been able to collect only over Rs 756 billion in revenues until May 14 against target of over Rs 1,403 billion for the current fiscal year, 2022-23. The collection is 54.66 per cent of the set target, while only two months remain in the current fiscal year.
Similarly, more than Rs 4.8 billion worth of foreign grants has been received, which is only 8.66 per cent against the target of over Rs 55.4 billion.
So far, over Rs 159 billion has been collected in income taxes against more than Rs 173 billion during the same period in the previous fiscal.
Also, over Rs 88.06 billion has been raised in taxes so far against more than Rs 90.6 billion during the corresponding period in the previous fiscal year.
As of now, more than Rs 84.1 billion has been collected in excise duties against over Rs 83.8 billion during the same period in the previous fiscal.
A version of this article appears in the print on May 16, 2023, of The Himalayan Times.