First Business News Portal in English from Nepal
KATHMANDU, March 16: Government authorities have failed to meet the target of inland revenue collection in the first eight months of the current fiscal year. According to the Inland Revenue Department, the collection is just around 80 percent of the target.
The department had set a target of raising Rs 353.91 billion in the second quarter of the current fiscal year (FY 2022-23). But the inland revenue collection in the review period was just Rs 281.99 billion which is 79.78 percent of the target.
The collection in each sector except education was less than the total revenue collection in the corresponding period of last fiscal year.
The income tax accumulation till March 14 was Rs 117.07 billion against the target of Rs 158.25 billion. The collection was just 73.98 percent of the target.
The Value Added Tax (VAT) collection was also less than the target as the target was Rs 82.43 billion in the given period, but the collection stood at Rs 68.77 billion, which is less by three percentage points than the corresponding period of last fiscal year.
Although there has been a slight improvement in revenue collection from excise duty this year than in the previous year, the target for the given period still remained unmet. The department said its target of collection of excise duty was Rs 76.82 billion till mid-March, but the achievement was around 84.36 percent or Rs 64.81 billion. The collection, however, is more by around four percentage points compared to the corresponding period of last fiscal year.
In the second quarter, the collection of house rent tax stood at 78.81 percent of the estimate at Rs 1.69 billion against the target of Rs 2.14 billion and it is less by 10 percentage point compared to the corresponding period of last fiscal year.
Likewise, the health service tax collection stood at 97.11 percent of the target. The department registered the tax collection of Rs 4.71 billion in the given period against the target of Rs 4.85 billion.
However, the collection of education tax surpassed the target to reach Rs 1.6 billion while the target was Rs 1.04 billion. RSS
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