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Govt meets 75.2% of biannual target for revenue collection in 6 months

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KATHMANDU: The revenue collection in the country has suffered a setback in the first six months of the current fiscal year 2022/23. The country collected Rs 490.4 billion in revenue against the target of Rs 651.61 billion till mid-January in the current FY, according to the Ministry of Finance. This is 75.2% of the biannual target for revenue collection. During the review period, customs revenue suffered the worst. As per the data of the MoF, customs revenue collection is 53% of the target estimated for the first six months of current FY. The government had planned to collect Rs 161.82 billion from the customs revenue during the period of the biannual review but the collection is Rs 85.78 billion. Similarly, the collection of VAT and excise duty is 72% of the target. The government had planned to collect Rs 180.24 billion from VAT till the review period. The government has collected Rs 70.51 billion from excise duty against the target of Rs 97.51 billion during this period. The Finance Ministry said a total of Rs 116.79 billion in income tax was collected till this period, which is 74.3% of the government target. However, the tax under the education service is collected as per the government's estimation during the review period. Of the target of Rs 734.8 million, the government collected Rs 736.7 billion in education service tax. The Ministry shared that the revenue collection in the first six months of the current FY has reduced by 15.32% against the last six months of the previous FY. The Ministry has stated that revenue collection is marred due to government measures taken to discourage imports. Likewise, the slow business of real estate and the bearish trend in the share market also affected the collection of capital gains tax during the period. By RSS READ ALSO: