Govt collects Rs. 80 billion revenue in first month of current fiscal year

By Laxman Kafle,Kathmandu, Aug. 20: Revenue of around Rs. 80 billion has been collected in the first month of the current fiscal year 2023/24.

According to the daily report of the Financial Comptroller General Office under the Ministry of Finance, the revenue collection of the government stands at Rs. 79.93 billion which is 5.62 per cent of the annual target (Rs. 1,422.54 billion) during the review period.

Out of this, tax revenue stood at Rs. 71.17 billion or 5.45 per cent of the target and non-tax revenue stood at Rs. 8.75 billion or 7.48 per cent of the annual target.

Of the total revenue collection target of Rs 1,422.54 billion, target has been set to collect Rs. 1,305.4 billion under tax revenue and Rs. 117.06 billion under the non-tax revenue for the current fiscal year.

The revenue collection and capital expenditure of the government shrank in the last fiscal year 2022/23.

The revenue collection was limited to 68.21 per cent (Rs. 957 billion) of the annual target of Rs. 1,403.14 billion in the last fiscal year 2022/23.

During the review period of the current fiscal year, there was no grant amount received by the government. The government has set an annual target of Rs. 49.94 billion grant to be received for the current fiscal year.

However, the government has received Rs. 9.34 billion under other recipients in the first month of the current fiscal year.

During the review period, the government has spent only Rs. 41.44 billion. The government is in surplus in the first month of the current fiscal year due to less expenses than total income. The government has spent only 2.37 per cent in the first month of the total budget of Rs. 1,751.31 billion for the current fiscal year.

Of the total budget expenses, capital expenditure stands only at 0.21 per cent of total allocation in the first month of the current fiscal year.

Of the Rs. 471.06 billion allocated for capital expenditure, only Rs. 968 million has been spent by August 18, 2023.

The recurrent expenditure of the government stood at 1.54 per cent (Rs. 14.61 billion) during the review period. The government has allocated Rs. 949.33 billion under the heading of recurrent expenditure for the current fiscal year.

Likewise, the government has spent Rs. 25.86 billion under the heading of financing in the first month of the current fiscal year. That is 7.82 per cent of the total allocation of Rs. 330.9 billion.