August 14, 2022, Sunday
Nepal 1:37:26 pm

Revenue significantly increases in first half of current FY

The Nepal Weekly
December 28, 2021

The Federal Government revenue has significantly increased in comparison to the previous fiscal year. According to the Financial Comptroller General Office (FCGO) data, the aggregate revenue that includes tax revenue and non-tax revenue surpassed by 35.99 per cent in the first five months of the current Fiscal year in comparison to the previous review period.

In the first five months, the aggregated revenue comprised Rs 431.6 billion up from Rs 317.3 billion recorded during the review period.

The aggregated revenue went up by the significant rise in the tax revenue. According to the FCGO data, the tax revenue has been increased by 33.04 per cent in the current Fiscal Year in comparison to the same period of the previous FY. In the first five months, the government raised Rs 398.9 tax revenue up from Rs 299.8 billion raised in the same period of the previous Fiscal Year.

Similarly, the non-tax revenue also went up significantly in the current Fiscal Year. FCGO data showed that it is sprung up by 86.5 per cent in the current FY. The non-tax revenue raised in the first five months remained Rs 32.6 billion up from Rs 17. 5 billion of the review period of the previous FY.

Besides this, the government received Rs 6.3 billion in the form of grants and Rs 31.5 billion from other different sorts of receipts in the current FY.

Subsequently, the income source of the government gained significant momentum in the current FY. The total receipts of the government-tax, non-tax and other receipts- crossed Rs 469.4 billion breaking the previous year’s record of Rs 348.2 billion.