Government Collects 83% of Revenue Target Before Fiscal Year End

Kathmandu. With only one day left until the end of the current fiscal year 2082/83, the government has collected approximately 83 percent of its total revenue target. As per the Office of the Controller General of Accounts, the government has collected a total of 12 kharba 24 arba 80 crore 90 lakh rupees in revenue by Wednesday. This collection amounts to 82.76 percent of the total annual target of 14 kharba 80 arba rupees set by the government for the current year. Revenue collection has shown improvement this year compared to the past. According to the details published by the Office of the Controller General of Accounts, by June 31 of the last fiscal year 2081/82, the government had only managed to collect 11 kharba 40 arba 36 crore 61 lakh rupees in revenue. In this regard, revenue collection has increased by 7.40 percent, or 84 arba 44 crore 29 lakh rupees, compared to the same period last year. Among the total revenue received, tax revenue constitutes the largest share. By Wednesday, 11 kharba 5 arba 92 crore 56 lakh rupees in tax revenue has been collected, which is 83.43 percent of the target. Similarly, 1 kharba 18 arba 88 crore 34 lakh rupees has been collected under non-tax revenue. This is 76.99 percent of the total non-tax revenue target. Compared to last year, tax revenue has increased by 7.34 percent and non-tax revenue by 8.02 percent this year. Likewise, the status of grant receipts has also shown significant improvement this year. The government had set a target of receiving a total of 53 arba 44 crore 69 lakh rupees in foreign grants in the current year, and by June 31, 58.5 percent, or 31 arba 26 crore 41 lakh rupees, has been received. This is 34.75 percent more than last year. Last year, the government had received a total of only 23 arba 20 crore 16 lakh rupees in grants by this time. In line with the tradition of revenue collection accelerating towards the end of the fiscal year, the government collected 21 arba 16 crore 92 lakh rupees in revenue on Wednesday alone, of which 18 arba 66 crore 79 lakh rupees was tax revenue. The Office of the Controller General of Accounts estimates that the total collection rate will further increase as Thursday is the last day of the fiscal year, with additional revenue collection.