Govt. treasury up by 20%, Tax revenue covers over 85% of Govt. Income

Kathmandu / Mar. 21: The aggregate amount of the government receipts thus far has already surpassed the amount recorded in the same period in the previous fiscal year (FY).

The Financial Comptroller General Office (FCGO) revealed that the aggregate receipts went up by 20 per cent during the first eight months of the current FY. It showed that the aggregate receipts crossed Rs. 736.6 billion in the first eight months up from Rs. 609.2 billion recorded in the same period of the last FY.

The increase in the aggregate receipts spurred up mainly due to an exorbitant rise in the revenue collection and significant inflow of grants in comparison to the previous FY.

The FCGO showed that the tax revenue sprang up by 19 per cent in the first eight months of the current FY in comparison to the previous FY. The tax revenue went up to Rs. 627.9 billion in the first eight months up from Rs. 527.6 billion recorded in the same period of the previous FY.

The data showed that taxable revenue contribution exceeded by 85 per cent in the total receipts during this period.

In addition, the inflow of foreign grants overwhelmingly increased by 60 per cent in the review period in comparison to the previous FY. The records showed that the grants sprang up to Rs. 13.8 billion in the first eight months in the current FY whereas the government had received only Rs. 5.3 billion in the same period of the previous FY.

Nonetheless, the government also received a significant amount of income from non-taxable revenue and other receipts in the current FY. The income from non-taxable revenue crossed Rs. 56.7 billion in the first eight months up from Rs. 43.5 billion in the same period of the previous FY. It is contributing approximately 7 per cent in the total receipts.

Further, income from the other receipts has also improved in the current FY. The other receipts increased to Rs. 38 billion up in the first eight months whereas the amount in the same period of the previous FY had been accounted for Rs. 32.7 billion.

The FCGO showed that the government has collected revenue approximately 60 per cent of its annual target whereas its spending has crossed only 40 per cent of the annual target.