In a major breakthrough, the Nepal government has exceeded its revenue collection target for the first quarter of the current fiscal year!
According to the Finance Ministry’s Revenue Division, the government has registered a Y-o-Y revenue growth of 41.7 percent with a total collection of standing at NPR 197.89 billion against the targeted NPR 192.62 billion.
Following are the areas where the government exceeded targeted revenues:
The government witnessed a slump in Value Added Tax (VAT) and income tax. These areas are worth considering owing to their contribution to the government treasury.
Overall, the first quarter of the current fiscal generated a revenue of NPR 197.87 million against previous year’s NPR 139.65 billion.
Moreover, the government managed to increase its revenue collection target by 29.5 percent in the current fiscal to NPR 945.56 billion against last fiscal’s NPR 730.05 billion.
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