Inland Revenue Department's revenue collection increases

Kathmandu, June 21: The revenue collection of the Inland Revenue Department (IRD) has increased over the last some months. IRD statistics on revenue collection shows that the revenue collection until June 14 of the current fiscal year is Rs 41 billion and 190 million. The revenue collection for the same period last fiscal year was Rs 37 billion. This is an increase by 11.30 per cent in revenue collection. It collected revenue totaling Rs 448 billion in the last 11 months of the current fiscal year until June 14, 2024. This is an increment of 9.64 per cent as compared to the revenue collection figures for the corresponding period in the last fiscal year.

The revenue collection until June 14 last year stood at Rs 408 billion. IRD Director General Shiva Lal Tiwari said that revenue collection has increased by Rs 40 billion until June 14 of the current fiscal year as compared to the last fiscal year. Revenue of Rs 232 billion was collected from income tax (rent and interest also), Rs 112 billion from VAT (internal) and Rs 95 billion from excise duty. Director General Tiwari said revenue of Rs 8 billion has been collected from health service, education and other sources. Revenue collection so far in terms of the total targeted revenue is 78.5 per cent and revenue collection would be intensified to meet the target until July 15 of the current fiscal year.