Govt collects Rs 65.50 billion as revenue

The government has been able to mobilize Rs. 65.50 billion revenue in the four months of the current fiscal year (2067/068).

The revenue collection saw an upward spiral by 11.1 per cent compared to the same period of the previous year.

The government had mobilized Rs. 58.60 billion revenue during the same period last year.

The Finance Ministry has termed the level of revenue collection as quite satisfactory given the delay in bringing full-fledged budget.

According to the figures of the Nepal Rastra Bank (NRB), the government had collected Rs. 26.16 billion from Value Added Tax, Rs. 14.02 billion was collected from customs duty, Rs. 10.85 billion from excise duty, Rs.8.58 billion from income tax, Rs. 1.25 billion from land registration fee, Rs. 1.40 billion from vehicle tax and Rs. 2.84 from non-tax revenue.

The ministry claimed that the active performances of its officials and staffers and the performance-based incentive system of the government were the prime factors behind a noteworthy revenue collection.

The deployment of the Armed Police Force at 64 border points of the Terai districts, 24-hour service operation of the Revenue Investigation Board, market inspection of VAT, strict monitoring of stickers, especially on cigarettes and liquors and regulation on TDS have expedited the growth rate of the revenue collection, according to the ministry sources.

The government has set a target to mobilize Rs. 216.64 billion revenue during the current fiscal year.

However, the Finance Ministry has also stated that the figure could well be to the tune of Rs 300 billion if all the concerned effectively cooperate with it. nepalnews.com