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Nepal Govt. Revenue Earnings Beyond Targets, Breaks Past Record
Nepal Government has registered a Y-o-Y growth of 41.7 percent with a collection of NPR 197.89 billion
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:
NPR 42.49 billion from customs tariff, more than the targeted NPR 38.94 billion
NPR 33.82 billion against NPR 29.9 billion in excise earnings
NPR 342.7 million compared to the target of Rs 192.5 million from education service tax
NPR 6.63 billion against the targeted Rs 4.18 billion in terms of other taxes
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.
VAT stood at NPR 61.02 billion compared to the targeted NPR 65.59 billion in the first quarter
Income tax stood at NPR 27.3 billion compared to the targeted NPR 27.7 billion
Non-tax collections also witnessed a slump with NPR 21.67 billion against the target of NPR 25.37 billion
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