Print Edition - 2018-07-18 | MONEY
ICP and Dry Port collect revenue worth Rs158 billion
Jul 18, 2018-
The two customs points at Birgunj—Integrated Check Post (ICP) and Sirsiya Dry Port—collected revenue worth Rs158 billion in the last fiscal year.
The ICP contributed the lion’s share of the revenue with Rs131 billion. Out of the total revenue collected at the ICP customs point, Rs47.53 billion was from customs duty, Rs51.88 billion from value added tax, Rs22.93 from excise duty and Rs603 million from other headings.
However, it has failed to meet the revenue collection target set by the government. This customs point was supposed to collect Rs134 billion as revenue.
Although it has failed to meet the target, the revenue collection in the last fiscal year increased by 21 percent compared to the collection of the previous year. There was collection of Rs 108 billion in previous fiscal year. According to Santosh Yadav, information officer at ICP customs point, the collection during the last fiscal year was excellent as it was very close to target. “We failed to meet the target only because it was very high,” said Yadav. “Otherwise, our performance was good.”
Around 40 percent of the total revenue was collected from new vehicles imported through the customs point while 13 to 15 percent of the total revenue was from the import of petroleum.
Similarly, 10 percent of the total collection was from the import of allopathic medicine.
The Sirsiya Dry Port also failed to meet the revenue target, collecting Rs27.33 billion in the fiscal year 2017-18. The government had set the target of Rs28.29 billion for the customs office at the dry port.
According to Dhan Bahadur Baruwal, information officer at the Sirsiya Dry Port, Rs14.02 billion was collected as value added tax, Rs11.64 billion as custom fee and Rs1.66 billion as excise duty. High revenue target and drop down in import of various goods due to damaged railway infrastructure were major reasons behind the failure to meet revenue target.
- The ICP contributed the lion’s share of the revenue with Rs131 billion
- This customs point was supposed to collect Rs134 billion as revenue
- Around 40 percent of the total revenue was collected from imported new vehicles
- The Sirsiya Dry Port also failed to meet the revenue target, collecting Rs27.33 billion in the fiscal year 2017-18
Published: 18-07-2018 08:11