Revenue inflow surpasses target

By the end of the seventh month this fiscal year, revenue collection surpassed the target by Rs 3.87 billion.
"By the end of Magh (mid-February) we were successful in collecting Rs 94.28 billion, surpassing our own target of Rs 90.41 billion," said finance secretary Krishnahari Baskota. In the last fiscal year, at the end of the same month the collection was Rs 72.26 billion.
"Revenue collection went up by Rs 22 billion or 30.5 per cent compared with last year's same month due to regular follow-up, policy direction and incentives to revenue officials," he said adding that the ministry was also able to control leakages with the establishment of 64 new Border Out Posts (BOP).
"In the 17 Tarai districts, the chief district officers (CDOs) have been directed to review the customs patrolling every 15 days apart from ready flying sqauds that operate on the direction of 24-hour control room," Baskota said. "The ministry was also successful in making companies put stickers on tobacco products and beer factories also installed the flow-metre to check the leakage."
Of the total collection, Value Added tax (VAT) was at highest ever at around Rs 29 billion followed by customs at around Rs 19 billion. Income tax collection came to around Rs 17 billion, whereas collection from excise came to around Rs 13 billion. The government has by the end of the seventh month collected around Rs 11.5 billion under non-tax, around Rs 3.5 billion under registration fee and around Rs 2 billion under vehicles tax.
It was able to increase revenue collection in recent years after it appointed a separate secretary to look after the revenue.
This trend shows that the government will be able to collect over 20 per cent to 25 per cent revenue compared to the target. The revenue target of the government for this fiscal year -- according to the budget 2009-10 -- stands at Rs 176.5 billion.
In the next five months, the government has to collect around Rs 82.22 billion, which looks easy, if the current trend continues.

The collection

First month (Shrawan) -- Rs 11.47 billion
Second month (Bhadra) -- Rs 22.55 billion
Third month (Ashwin) -- Rs 34.32 billion
Fourth month (Kartik) -- Rs 46.67 billion
Fifth month (Mangsir) -- Rs 58.60 billion
Sixth month (Poush) -- Rs 79.68 billion
Seventh month (Magh) -- Rs 94.28 billion