Kathmandu: The revenue collection in the country has suffered a setback in the first six month of the current fiscal year.
According to the Ministry of Finance, the country collected Rs 490.4 billion revenue against the target of Rs 651.61 billion till the end of Poush month of the fiscal year 2079/080 BS. This is 75.2 per cent of the biannual target for the revenue collection.
During the review period, customs revenue has suffered the worst.
As per the data of the Ministry, customs revenue collection is just 53 per cent of the target estimated for the first six months of current fiscal year. The government had planned to collect Rs 161.82 billion from the customs revenue during the period of the biannual review but the collection is just Rs 85.78 billion.
Similarly, the collection of VAT and excise duty is also only 72 per cent of the target. The government had planned to collect Rs 180.24 billion from VAT till the review period.
Likewise, the government had planned to collect Rs 97.51 billion from excise duty but only Rs 70.51 billion was collected during this period.
The Ministry said that a total of Rs 116.79 billion income tax was collected till this period, which is just 74.3 per cent of the government plan.
However, the tax under the education service is collected as per the government estimation during the review period. Of the target of Rs 734.8 million, the government collected Rs 736.7 billion in education service tax.
The Ministry shared that the revenue collection in the first six month of the current fiscal year has reduced by 15.32 per cent against the last six month of the last fiscal year.
The Ministry has stated that revenue collection is marred due to government measures taken to discourage the imports.
Likewise, slow business of real estate and bearish trend in the share market also affected the collection of capital gains tax during the period.
