Revenue collection declines by 36% in Customs Office
March 20, 2020 | Investopaper
The Biratnagar Customs Office has collected Rs 21.3 billion in revenue in the first eight months of the current fiscal year. The amount is 36 percent less than the government’s target.
During the period, the customs office was supposed to collect Rs 33.3 billion rupees.
According to officials, the decrease in imports was the major reason behind the lowered revenue. The office said that the import decreased by almost 25 percent during the review period.
It is said that Rs 8.7 billion was received from the customs duty, Rs 11.28 billion from VAT and Rs 1.3 billion from excise duty while Rs 546.3 million was collected from RCF and RDF.
As per the target set by the government, the office is supposed to make Rs 49.64 billion in revenue until the end of this fiscal year, which is not likely from the current trend.
Chief of the Customs Office Shiva Bhandari, however, said that the revenue collection has gradually increased following the operation of the integrated checkpoint.
