Bagmati Province Achieves 94% of Revenue Target in FY 2081/82

Bagmati Province collected 94.12 percent of its revenue target in the fiscal year 2081/82, according to the Ministry of Economic Affairs and Planning. The province managed to collect Rs 60.74 billion out of the total target of Rs 64.54 billion from revenue sharing, internal sources, and federal government grants.

Information Officer Indraraj Sanjyal stated that the province had aimed to collect Rs 29.55 billion from revenue sharing but managed to collect only 83 percent, or Rs 24.53 billion.

Similarly, out of the Rs 4.53 billion target from internal revenue sources, 84.08 percent (Rs 3.81 billion) was collected. The province also received 76 percent of the expected federal grant, which amounted to Rs 11.96 billion out of the projected Rs 15.57 billion.

In comparison, Bagmati Province had collected Rs 39.22 billion in the previous fiscal year 2080/81, which was below the target of Rs 48.25 billion. Likewise, in 2079/80, the province fell short by 17 percent, collecting Rs 45.88 billion against a target of Rs 55.31 billion.

Chief Accountant Hari Prasad Upadhyay of the Provincial Treasury and Accounts Office, Hetauda, said the shortfall was due to declining revenue from value-added tax, income tax, natural resource fees, and land revenue, as well as federal budget cuts linked to the economic slowdown.