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Kathmandu, October 18: The government has failed to meet the revenue target during the first three months of the current fiscal year.  

The government has collected Rs 248.26 billion in revenue in the first quarter (three months) of the current fiscal year. This is 61.668 billion less than the target of revenue collection in the first three months set by the Ministry of Finance.

In the first quarter of this year, the government had set a target of collecting Rs. 39.98 billion through revenue. The government’s target was to collect a revenue of Rs 120 billion 516 million in Saun; Rs 92 billion 842 million in Bhadau and 96 billion 569.2 million in Asoj.

The quarterly target has not been met due to low revenue collection in all three months. This year, the government has set a target of collecting Rs 14,19.33 billion through revenue. The first quarter revenue is 17.49 percent of this year’s annual target and is about 13.5 percent higher than the same period last year.

Finance Ministry spokesman Mahesh Bhattarai admitted that the target could not be met even though the revenue collection was improved.”Even in the current situation of the economy, we are targeting a revenue collection of more than 30 per cent, which in itself is challenging,” he said, adding, “However, there is some improvement this year as compared to last year’s revenue collection.”

Spokesperson Bhattarai said that this year due to floods, the revenue collection could not be as expected.

People’s News Monitoring Service.