KATHMANDU: The government collected Rs 405 billion plus in revenue in the fiscal year 2071/072 BS against the target of Rs 422.9 billion, the Finance Ministry said on Monday. According to the Ministry, the portion of tax revenue was Rs 355.94 billion while non-tax revenue contributed Rs 49.9 billion.
Within the tax revenue, the amount collected from VAT stood at 27.69 per cent while income tax and customs duty contributed 21.80 per cent and 18.40 per cent, respectively. Meanwhile, the Ministry has increased the annual target of revenue collection by 13.73 per cent more in the current fiscal year compared to the last fiscal year.
During the meeting held in the Ministry, Finance Minister Dr Ram Sharan Mahat asked the chiefs of ministry’s departments and other high-ranking officials to work for meeting the target of revenue collections despite difficulties.
On the occasion, the Finance Minister urged the officials to make the bidding process effective in VAT, implement the electronic cash machines and carry out reforms in customs assessment system.
