Govt’s revenue rose to Rs 384 billion last year

Kathmandu: The Inland Revenue Department has collected revenue of Rs. 384.53 billion in the last fiscal year 2019/2020.

This amount is 101.98 percent of the total target. Initially, the government had given a revenue target of Rs 506.18 billion to the department, but after the Corona epidemic, the government reduced the target to Rs 377 billion.

The department, which has set a target of Rs 377 billion, has collected Rs 384.53 billion in revenue. This amount is seven percent more than that of FY 2018/19, according to the department.

The Inland Revenue Department had initially set a target of raising Rs 315 billion for value added tax (VAT). The department has collected VAT of Rs. 255.97 billion.

The department has collected Rs 157.82 billion out of the target of Rs 196.62 billion for VAT import. Out of the target of Rs. 118.38 billion, Rs. 98.14 billion has been collected.

Similarly, the department has collected Rs. 192.85 billion from the target of Rs. 242.62 billion at the beginning of the fiscal year. But the revised target was Rs. 184.39 billion. The department has stated that 104.8 percent income tax has been collected as compared to the revised target.

The initial target for excise duty was Rs. 169.97 billion. Out of this, the revenue of Rs. 112.95 billion has been collected, according to the department. Out of the target of Rs. 63.67 billion for import of excise duty, Rs. 48.11 billion has been collected. Out of the target of Rs. 106.30 billion, Rs. 64.84 billion has been recovered.