Revenue mobilisation stands at 67 per cent

Kathmandu, July 6:The revenue mobilisation of the government stands at 67 per cent of the annual target when only 10 days are left to end the current fiscal year. 

However, the revenue mobilisation of this year is slightly better than that of last year.

The current fiscal year is ending on July 15.

Revenue of around Rs. 959.97 billion has been collected by July 4 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. 959.97 billion which is 67.48 per cent of the initial annual target (Rs. 1,422.54 billion).

Out of revenue collected, tax revenue stood at Rs. 866.53 billion or 66.38 per cent of its annual target and non-tax revenue stood at Rs. 93.43 billion or 79.82 per cent its annual target.

Of the total revenue collection target of Rs 1,422.54 billion, Rs. 1,305.4 billion was to be collected under 

tax revenue and Rs. 117.06 billion under non-tax revenue for the current fiscal year.

During the review period of the current fiscal year, grant revenue amounting to only Rs. 2.75 billion was received by the government, which is only 5.52 per cent of the annual target. 

The government has set a target to receive Rs. 49.94 billion as a grant revenue for the current fiscal year. 

However, the government has received only Rs. 22.98 billion as of Thursday. 

The revenue collection has increased by 9.5 per cent during the review period as compared to the same period last year. 

The government had collected revenue of Rs. 876.25 billion during the same period last fiscal year 2022/23. It was only 62.45 per cent of the annual target of Rs. 1,403.14 billion.

During the review period, the total income of the government stood at Rs. 985.71 billion. This is 66.94 per cent of the annual target.

During the review period, the government has spent Rs. 1,288.71 billion. The government is in deficit due to higher expenses than total income. 

The government budget is in deficit of Rs. 303 billion during the review period as the government failed to collect the revenue as per its target. 

The government has spent only 73.59 per cent of the budget when the fiscal year will end in 10 days.

The government has introduced a budget of Rs. 1,751.31 billion for the current fiscal year 2023/24.

Of the total budget expenses, capital expenditure stands only at 50 per cent of total allocation during the review period.

Of the Rs. 302 billion allocated under capital expenditure, only Rs. 151.32 billion has been spent by July 4, 2024.

The recurrent expenditure of the government stood at 79.61 per cent (Rs. 908.98 billion) during the review period. The government has allocated Rs. 1,141.78 billion in the heading of recurrent expenditure for the current fiscal year.

Likewise, the government has spent Rs. 228.39 billion under the heading of financing during the review period of the current fiscal year. That is 74.29 per cent of the total allocation of Rs. 307.4 billion. 

However, the government revised the income and expenditure while reviewing the mid-term review of the budget for the current fiscal year. 

The Ministry of Finance has reduced by size of the budget by about Rs. 221 billion to Rs. 1,530.26 billion for the current fiscal year. 

By the end of the current fiscal year, it is estimated that around Rs. 1,309.30 billion will be arranged from the government sources (revenue and domestic borrowing) Rs. 40.12 billion from foreign grants and Rs. 180.83 billion for foreign loans.

The government had set a target of raising Rs. 1,240 billion from revenue, Rs. 49.94 billion from foreign grants, Rs. 212 billion from foreign loans and Rs. 240 billion from domestic borrowing.