Q1 revenue collection exceeds target

KATHMANDU, NOV 08 -

The government’s revenue collection in the first quarter of the fiscal year stood at Rs 84.27 billion, up 16.35 percent year-on-year. The government had targeted to collect Rs 79.29 billion in the period.

Of the total collection, tax revenues stood at Rs 74.66 billion (88.59 percent), while the rest Rs 9.61 billion came from non-tax revenues.

As of mid-October, the government collected Rs 28.21 billion in VAT, up 19.36 percent. Customs duty collection rose 23.65 percent to Rs 18.59 billion. Excise duty and income tax collection was at Rs 13.03 billion and Rs 10.42 billion, respectively.

Income from registration fees, vehicle tax and other tax amounted to Rs 4.39 billion, according to the Finance Ministry.

The share of VAT in total revenue stood 33.47 percent. It was followed by customs duty (22.06 percent) and excise duty (15.46 percent). Non-tax revenues, including registration fees and royalties, had 11.41 percent share in the total collection. The government targeted Rs 422.90 billion in revenue this fiscal year.

Source: The Kathmandu Post