Bagmati Province Collects 36.29% of Revenue Target in First Eight Months of FY 2082/83

Hetauda. The Bagmati Province Government has collected NPR 24.49 billion two million eighty-seven thousand in revenue in the first eight months of the current fiscal year 2082/83, achieving 36.29 percent of the annual target.

Land registration (Malpot) and vehicle tax are considered the main sources of revenue for the provincial government. The target for revenue collection from July to February of the fiscal year 2082/83 was set at NPR 30.89 billion eleven million eighty-nine thousand.

Compared to this target, NPR 13.93 billion ninety-seven million fifteen thousand in revenue, or 45.13 percent, has been collected, informed Suraj Poudel, an officer at the Ministry of Economic Affairs and Planning Development of the Bagmati Province Government.

According to him, while the target for revenue collection from land registration title for the current fiscal year 2082/83 was set at NPR 7.70 billion, NPR 2.56 billion two million four thousand in revenue has been collected in the first eight months.

Similarly, the provincial government had estimated NPR 8.25 billion from vehicle tax under vehicle inspection, route permit, driving license distribution, and renewal for the fiscal year 2082/83, but NPR 4.44 billion ninety-three million forty thousand in revenue has been collected.

Furthermore, the provincial government estimated receiving NPR 8.79 billion eighty-six million sixty-seven thousand from Value Added Tax (VAT) share, of which NPR 5.04 billion sixty-five million seventeen thousand was collected by that period. For excise duty tax, an estimated NPR 4.03 billion seventy-nine million nine thousand was expected, with NPR 1.75 billion three million thirty-six thousand received, the ministry stated.

Likewise, under the equalization grant received from the Federal Government, an estimated NPR 14.81 billion ninety-three million was expected, of which 53.60 percent, or NPR 7.94 billion twenty-seven million fifty-six thousand, was received in the eight-month period, said officer Poudel.

Moreover, out of the estimated NPR 4.77 billion seventy-four million twenty-five thousand to be received from the provincial government's internal sources in the current fiscal year 2082/83, 52.35 percent of the target, or NPR 2.50 billion twelve million eighteen thousand, was received in the eight-month period, the ministry informed.

He stated that the revenue collection was not as expected due to factors such as the decrease in land and new vehicle purchase-sale transactions caused by economic liquidity issues, and the damage caused to various revenue collection bodies of the provincial government during the CPN-UML agitation on Bhadra 23 and 24 last month.