Revenue over Rs 3 billion collected

KATHMANDU, JULY 17: The Inland Revenue Office in Bhadrapur collected Rs 3.21 billion in revenue during the fiscal year 2023/24. From mid-June to mid-July alone, the office raised Rs 307 million. This represents an increase of over Rs 195.29 million compared to the previous fiscal year, 2022/23., when the revenue collected was Rs 3.01 billion. Despite this increase, the office fell short of its revenue target of Rs 3.79 billion, achieving only 84.57% of the target.

Information Officer Bhim Prasad Acharya attributed the shortfall to a decline in trade and business volume across the country. The breakdown of the revenue collected includes Rs 1.70 billion from income tax, Rs 36.4 million from rental income tax, Rs 115.9 million from interest, Rs 1.29 billion from value-added tax (VAT), and Rs 644.65 million from excise duty.

Notably, income from VAT decreased due to lower payments for development projects in the district, with Rs 1.29 billion collected this fiscal year compared to Rs 1.38 billion in the previous fiscal year.

Acharya emphasized that while the overall revenue collection increased, the target was missed due to economic factors affecting trade and business activities. The office remains committed to improving revenue collection strategies to better meet targets in future fiscal years.

 

 

 

 

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