Revenue collection surpasses target

Kathmandu, January 25

The government has exceeded its revenue collection target by Rs 19.46 billion or 7.7 per cent in the first six months of this fiscal (mid-July to mid-January). This was on the back of collection surpassing the set target under major tax headings like customs, excise and income tax.

According to the data of Ministry of Finance, revenue collection under customs tariff stood at Rs 55.45 billion, over 15 per cent more than the set target of Rs 48.18 billion.

Similarly, collection in excise was 19 per cent higher at Rs 43.88 billion compared to the target of Rs 36.78 billion. The collection under income tax was Rs 56.20bn, while the target was Rs 50.24 billion.

While the government had aimed to collect Rs 4.67 billion as vehicle tax, the actual collection was 5.18 per cent higher at Rs 4.92 billion. Registration tax was a whopping 39.22 per cent higher than the target of Rs 7.02 billion and stood at Rs 9.77 billion.

On the other hand, collection under value added tax was 2.87 per cent off the mark to stand at Rs 74.75 billion against the target of Rs 76.96 billion.

Health services, education, others and non-tax revenue collection also failed to meet the target. The collection under health services was Rs 528.5 million, whereas the target was Rs 591.1 million.

The target for education services was Rs 438.6 million, but the collection stood at only Rs 385 million.

Likewise, the collection under others was Rs 4.09 billion, while the target was Rs 4.87 billion. The target for non-tax was Rs 22.67 billion, while the collection was 3.4 per cent less at Rs 21.90 billion.