June 11. Kathmandu, The revenue collection for the current fiscal year (2071/72 BS) is estimated to fall below the target, according to the Inland Revenue Department (IRD).
The decline in the collection of revenue was estimated in light of the damages of the physical infrastructures caused by the April 25 quake and subsequent aftershocks, shared Chudamani Sharma, Director General of the IRD.
“We had targeted to collect Rs 11.51 billion from April 14 to May 14, but we could only garner Rs 6.94 billion. That is why we assume that we will not be able to collect revenue on par with our target,” shared DG Sharma.
Sharma shared that of total revenue collected from April 14- May 14, some Rs 1.8 million was collected from income tax while Rs 93 thousands was only collected under the House Rent tax as against expected Rs 3 million.
Similarly, he informed that IRD collected around Rs 1.3 million under the fractional tax title while Rs 1.9 million was received under the excise duty.
Likewise, DG Sharma further said that under the Education Service Tax, about Rs 13,000 could be collected as against the expected Rs 25,000. The IRD collected Rs 9,000 under the health service tax.
According to Bhupalraj Shakya, Director of the Collection Department at the IRD, although the IRD had targeted to collect Rs 169 billion revenue within the current fiscal year, it could only collect Rs 128 billion as of May 14.