January 17: As usual, the government has failed to meet the target of revenue collection this year too. The government has set a target of collecting revenue of Rs 1422.54 in the current fiscal year. The government had set the target this year expecting a growth rate of 40 percent compared to last year.

However, the government is struggling to achieve the same target.

The government has failed to meet the revenue collection target in the first six months of the current fiscal year just like in the previous years.

The data of the Ministry of Finance show that the government has not been able to meet the target because it fixed a large target without proper homework when the economic activities had slumped.

During the first six months of the last fiscal year, the Inland Revenue Department had collected Rs 71.5 billion against the target of Rs 110 billion.

This year, the department had set a target of collecting Rs 304.42 billion till mid-January, but it collected only Rs 243.35 billion which is 80 percent of the target.

Data show that there was the biggest decline in internal excise duty this year. Excise duty collected from cigarettes and beer seems to have been affected.

Similarly, the Department of Customs also failed to collect revenue as per the target in the past six months. The department has collected Rs 200 billion as of mid-January. This is 72 percent of the target. The department was given a target of collecting revenue of Rs 306.16 billion for the first six months.

Dhaniram Sharma, spokesman for the Ministry of Finance, says that the government has failed to meet the revenue collection due to the decline in fuel import, the decrease in the import of fuel-powered vehicles and the concession provided by the government on electric vehicles.

According to Sharma, the Ministry of Finance will make strategies to achieve the target in the next six months.

Although the Department of Customs and Inland Revenue Department could not collect revenue as per the target, the government has earned good income from real estate. According to the Department of Land Management and Archives, the highest number of real estate transactions this year took place in the month of Poush (mid-December to mid-January) of the current year.

Altogether 45,277 units of real estate transactions were recorded during the review month. The government collected revenue of Rs 3.20 billion from real estate sector.