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Revenue collection surpasses target
KATHMANDU, JUL 20 -
While the government struggles to spend its development budget, cash continues to flow in as revenue collection has been constantly overshooting the target.
The Finance Ministry said on Tuesday that revenue collection surpassed the target by Rs. 3.4 billion to reach Rs. 180 billion in the last fiscal year 2009/10 against the target of Rs. 176.50 billion.
The fiscal year 2008/09 saw revenue collection of Rs. 143.47 billion compared to the projected Rs. 141.72 billion. In the previous year, the government took in Rs. 107.62 billion against the target of Rs. 103.67 billion. In fiscal 2006/07, revenue collection was Rs. 87.71 billion against the target of Rs. 85.38 billion.
Revenue secretary Krishna Hari Baskota said that the dynamism of government officials and employees under the Ministry of Finance was the main factor behind the success in revenue collection.
Out of the total revenue collected last year, the country received an estimated Rs. 56.75 billion in value added tax, Rs. 33.75 billion in income tax, Rs. 35 billion in customs and Rs. 24.25 billion in excise duty. Likewise, the government collected Rs. 5 billion in registration fees, Rs. 2.25 billion in vehicle tax and Rs. 23 billion from non-tax measures.
Among the various revenue sources, the government has exceeded the target in most of the revenue components except income tax and registration fees.
Revenue collection surpassed the target every month in the last FY, said Baskota.
Posted on: 2010-07-21 07:47
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