Government Falls Short of Revenue Target: Rs 515 Billion Collected in First Half of Fiscal Year

In a recent announcement by the Ministry of Finance, it has been revealed that the government has managed to collect Rs 515 billion in revenue during the first six months of the current fiscal year. However, this falls short of the set target of Rs 668 billion by mid-January.

Dhani Ram Sharma, spokesperson for the ministry, shared that the government achieved 77% of its revenue target in the initial half of the fiscal year. The collection for January, which included the first installment of income tax (40%), amounted to only Rs 134 billion. This marked a decrease of Rs 54 billion from the targeted collection of Rs 188 billion.

Sharma highlighted that despite the shortfall in January, the overall revenue collection witnessed a 12% increase compared to the same period in the last fiscal year, which amounted to Rs 459 billion by the end of December.

The government has set an ambitious target of Rs 1.422 trillion for the entire fiscal year, reflecting an estimated growth rate of more than 40% compared to the previous year. Unfortunately, according to Sharma, it seems unlikely that this target will be met, given the current trends. The spokesperson acknowledged that the government’s aggressive growth projections may not materialize, leading to a shortfall in revenue expectations for the ongoing fiscal year.