May 15: In comparison to government expenses, financial deficits have increased as revenue collection has decreased.

According to the Financial Comptroller General Office, until mid-May (the end of Baisakh) in the current fiscal year 2022/2023, government expenses have increased by more than NPR 250 billion compared to the government's revenue income.

During this period, while government expenses stood at NPR 1047 billion, revenue collection and grants received were only around 797 billion rupees.

According to the Office of the Financial Comptroller General, the government has spent 58.41 percent of the annual budget appropriation  in 10 months of the current fiscal year. The government had presented a budget of NPR 1793.82 billion for the current fiscal year, of which around NPR 1047 billion has been spent so far.

Until mid-May, the current expenditure is 66.49%, the capital expenditure is 33.04%, and the financial management expenditure is 58.79%.

For the current fiscal year, a budget of NPR 1,183.23 billion was allocated in the current expenditure title, and so far, NPR 786.74 billion has been spent.

Similarly, the development budget of NPR 380.38 billion has been allocated for the current fiscal year, and only NPR. 125.67  billion has been spent in the first ten months.

Looking at the budget expenditure of the first ten months of the current fiscal year, the financial management budget is significantly higher than the capital expenditure.

Till the mid-May, the government has spent a total of NPR 135 billion in financial management. The expenses under financial management are  spent on paying the principal and interest of the government loan.

Until mid-May, the government's target for annual revenue collection is 54.66 percent. The government has set a target of collecting Rs. 1403.14 billion in domestic revenue for the current fiscal year, but so far, only Rs. 756.25 billion has been collected.

Similarly, the government had set a target of receiving foreign aid equivalent to Rs. 55.45 billion for the current fiscal year, but until mid-May  only Rs. 4.80 billion, or 8.66 percent of the target, has been received.

Compared to the same period of the previous fiscal year, income tax and value-added tax (VAT) have decreased, while excise revenue  has increased.

During the current fiscal year until mid-May, revenue collection from income tax  has reached NPR 159.5 billion, which is lower than the previous fiscal year's collection of NPR 173.40 billion during the same period.

Similarly, the collection of VAT has also decreased compared to the previous year. Until mid-May in the previous fiscal year, VAT collection was NPR 90.68 billion, whereas in the current fiscal year, it is NPR 88.67 billion.

However, revenue collection under from excise duty has slightly increased compared to the previous year. Revenue collection from excise duty increased to NPR 84.11 billion from last year’s NPR 83.88 billion until mid-May.