Thursday, 9 December, 2021
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BUSINESS

Revenue collection up by 41%



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By Ajay Chhetri, Kathmandu, Nov. 25: The revenue collection of the Federal Government has increased by approximately 41 per cent.

According to the data of the Financial Comptroller General Office (FCGO) the amount of revenue in the first four months of the current fiscal year (FY) amounted to. Rs. 350.6 billion up from Rs. 247.06 billion of the same period of the previous FY.

In the total revenue, the tax revenue went up by 38.04 per cent in the review period.

The data showed that government accounted the tax revenue of Rs. 321.09 billion in the first four months up from Rs. 232.6 billion of the same period of the previous FY.

In parallel, non-tax revenue also spiked up exponentially by 104.8 per cent in the review period. The data showed that the amount of non-tax revenue in the first four months has been recorded Rs. 29.5 billion up from Rs. 14.4 billion of the same period of the previous FY.

The FCGO data showed that in this first four months, the government has been able to collect 29.7 per cent revenue of its annual target. In this period, the tax revenue collection recorded 30.7 per cent and non-tax revenue recorded 26.27 per cent.

According to the Information Officer of the Inland Revenue Department, Raju Prasad Pyakurel, economic recovery is one of the main reasons for the increase in the revenue collection in the first four months of the current FY. He also said that tax wavering for the various sectors also have motivated the tax payer for the payment in the stipulated time.