March 22, Kathmandu – The Bagmati Province government has collected NPR 2.449 billion in revenue during the first eight months of the current fiscal year 2082/83, which accounts for 36.29 percent of the annual target.
Land registration (land revenue) and vehicle taxes are considered the primary sources of revenue for the provincial government. The revenue collection target was set at NPR 3.089 billion from Shrawan to Falgun of fiscal year 2082/83.
According to Suraj Paudel, an official from the Ministry of Internal Affairs and Planning Development of Bagmati Province, NPR 1.393 billion has been collected so far, meeting 45.13 percent of the target.
He further noted that in the current fiscal year, the target for revenue collection from land registration was NPR 770 million, while NPR 256.2 million has been collected in the first eight months.
Similarly, the province had estimated NPR 825 million in revenue from vehicle-related taxes such as vehicle inspection passes, route permits, driver’s licenses issuance, and renewals, of which NPR 444.93 million has been collected.
The province also expected to collect NPR 879.87 million from value-added tax related to distribution, and has gathered NPR 504.65 million during this period.
Likewise, from internal excise duties, the government projected NPR 403.79 million, but collected NPR 175.34 million so far, the ministry reported.
Under the equalization grant received from the federal government, a total of NPR 1.481 billion was anticipated, out of which NPR 794.27 million, or 53.60 percent, was received within the eight months, according to official Paudel.
Furthermore, the ministry stated that NPR 477.74 million was expected from the province’s internally generated revenue sources for the current fiscal year, with NPR 250.12 million, representing 52.35 percent of the target, collected so far.
Paudel attributed the shortfall in revenue collection to decreased transactions in land and new vehicle purchases due to economic liquidity issues, as well as damages incurred by revenue collection agencies during the Genji protests on Bhadra 23 and 24.
