Inland Revenue Office, Bhadrapur collects over Rs 3 billion in revenue

BHADRAPUR, JHAPA: The Inland Revenue Office, Bhadrapur in Jhapa district has collected revenue of Rs 3.21 billion in the fiscal year 2023/24. 

The office had raised revenue amounting to Rs 307 million from mid-June to mid-July. As informed, the office has been able to collect revenue of over Rs 195.29 more than the fiscal year 2022/23. Information Officer at the Inland Revenue Office, Bhadrapur, Bhim Prasad Acharya, said revenue of Rs 3.01 billion was collected in the fiscal year 2022/23. 
The office had set a revenue target of Rs 3.79 billion last year. However, only 84.57% of the target was collected. 
"Revenue collection has fallen due to a decline in trade and business volume across the country," he said. 

According to Acharya, the office collected around Rs 1.70 billion from income tax, Rs 36.4 million from rental income tax, Rs 115.9 million from interest, Rs 1.29 billion from value added tax (VAT) and Rs 644.65 million from excise duty. 

The income from VAT has decreased due to low payment of development projects in Jhapa district. In the fiscal year 2022/23, around Rs 1.38 billion in revenue was collected as VAT.

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