Fed Govt's receipts break previous FY’s record

By Ajay Chhetri, Kathmandu, June 16: Total receipts of the federal government overtook the previous fiscal year’s (FY) annual record a month before the end of the current FY.

According to the financial comptroller general office (FCGO) data, the government added up Rs. 999.4 billion in its treasury at the end of this mid-June, the amount is even bigger than the annual receipts of Rs 999.3 billion collected in the previous FY.

Deputy General of the Financial Comptroller General Office (FCGO), Bhesh Prasad Bhurtel shared that the receipts swiftly took an upward trend in the running FY after the restrictions to curb the COVID spread were lifted.

He stated that despite restrictions imposed on the imports of luxurious items, there is no variation being felt in the inflow of the imports. The heavy imports translated into rising in revenue from the border customs points.

The overall receipt combined up tax revenue, non-tax revenue, grants and other kinds of receipts and all three have already overtaken previous FY records.

The FCGO data showed that the taxable revenue went up by 15 per cent to Rs 872.5 billion at the end of mid-June from Rs 758.3 billion received in the same period of the previous FY. The non-tax revenue shoot up by around 28.7 per cent to Rs 69.5 billion at the end of mid-June up from Rs 53.9 billion recorded in the same period of the previous FY.

Out of all the receipts, the amount of grant increased by 38 per cent to Rs 13.8 billion at the end of mid-June from Rs. 10 billion received in the same period of the previous FY.

In addition, the other receipts also swung up by 17 per cent to Rs 43.4 billion at the end of mid-June from Rs. 37.06 billion in the same period of the previous FY.