60% of targeted revenue collected

By A Staff Reporter,Kathmandu, May 25: Only 60 per cent of annual target revenue has been collected when only one and a half months are left to end the fiscal year. Revenue of around Rs. 852.10 billion has been collected by May 23, 2024.

According to the daily report of the Financial Comptroller General Office under the Ministry of Finance, the revenue collection of the government, during the review period, stands at Rs. 852.10 billion which is 59.9 per cent of the annual target of Rs. 1,422.54.

Out of the total revenue collection, tax revenue stood at Rs. 765.61 billion or 58.65 per cent and non-tax revenue stood at Rs. 86.49 billion or 73.89 per cent of the annual target. Of the total revenue collection target of Rs 1,422.54 billion, Rs. 1,305.4 billion is yet to be raised under tax revenue and Rs. 117.06 billion under non-tax revenue.

During the review period of the current fiscal year, grants of only Rs. 2.75 billion have been received by the government, which is only 5.52 per cent of the annual target of the government. The government has set a target of receiving Rs. 49.94 billion in grants for the current fiscal year. 

However, the government has received Rs. 22.41 billion under other recipients by May 23, this year. 'The revenue collection has increased by 9.5 per cent during the review period as compared to the same period last year.  The government collected revenue of Rs. 778.23 billion by May 24, 2023.

During the review period, the total income of the government stood at Rs. 877.27 billion. This is 59.58 per cent of the annual receipts target of the government. During the review period, the government has spent Rs. 1,104.68 billion budget. The government is in deficit during the review of the current fiscal year due to higher expenses than total income.

 The government budget is in deficit of Rs. 227.41 billion during the review period. The government has spent only 63.08 per cent by May 23, 2024, of the current fiscal year 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 40.54 per cent of total allocation during the review of the current fiscal year. Of the Rs. 302 billion allocated under capital expenditure, only Rs. 122.45 billion has been spent by May 23, 2024.

The recurrent expenditure of the government stood at 68.07 per cent (Rs. 777.22 billion) during the review period. The government has allocated Rs. 1,141.78 billion under the heading of recurrent expenditure for the current fiscal year.