Revenue collection 15.93% and expenditures 16.02 % in first quarter

Kathmandu: The status of the government’s revenue collection and expenditure in the first three months of the current fiscal year is not encouraging as the collection is just 15.93 percent of the annual target and the expenditure is 16.02 percent.

According to the Office of the Financial Comptroller General, of the total expenditures in the first three months of the fiscal year 2080-81 (2023-24), the current expenditure was 18.69 percent, followed by 16.05 percent towards financial management and 5.9 percent towards capital expenditures.

The government had brought a budget of Rs. 1,751.31 billion for the current fiscal year. The allocations towards current expenditure amount to Rs. 1,141.78 billion with expenditures amounting to Rs. 213.39 billion till October 17.

Likewise, Rs.302.07 billion has been allocated for the capital expenditure, with Rs. 17.83 billion in expenditures so far. Under the headings of financial management, Rs. 307.45 billion was allocated and the expenditures in the first quarter amounted to Rs. 49.34 billion.

The revenue collection is Rs. 234.36 billion which makes up 15.93 percent of the annual target. The government aimed to collect revenues of Rs. 1472.48 billion in the current fiscal.

The revenue collections towards taxation is 15.28 percent of the annual target as the collections amounted to 199. 46 billion while it is 16.79 percent or Rs. 19.65 billion towards the non-taxation. Despite the target of securing 49.94 billion as a foreign grant in the current fiscal, the achievement as of date is 0.12 percent or Rs. 61.08 million.