IRD reports revenue surge with collection reaching 78.5 pc of target in 11 months of current FY

KATHMANDU: The revenue collection of Inland Revenue Department (IRD) has increased over the past few months. According to IRD statistics, the revenue collection until June 14 of the current fiscal year stands at Rs 41.19 billion. For the same period last fiscal year, the revenue collection was Rs 37 billion, representing an 11.30% increase.

In the last 11 months of the current fiscal year until June 14, 2024, the IRD collected revenue totalling Rs 448 billion. This represents 9.64% increment compared to the revenue collection figures for the corresponding period in the last fiscal year, which stood at Rs 408 billion.

IRD Director General Shiva Lal Tiwari reported that revenue collection has increased by Rs 40 billion until June 14 of the current fiscal year compared to the last fiscal year.

The breakdown of revenue sources includes Rs 232 billion from income tax (including rent and interest), Rs 112 billion from VAT (internal), and Rs 95 billion from excise duty. Additionally, revenue of Rs 8 billion has been collected from health services, education, and other sources, according to Tiwari. Overall, revenue collection has reached 78.5% of the total targeted revenue, and efforts will be intensified to meet the target by July 15 of the current fiscal year.