After four years, the Biratnagar Customs Office meets its monthly revenue goal

After failing to meet its monthly income objective for four years, the Biratnagar Customs Office (BCO) has finally done so. In the month of Magh (mid-January to mid-February) of the fiscal year 2024/25, the customs office has collected more money than the target since the start of the fiscal year 2021/2022.

The revenue, which started to improve from the Poush (mid-December to mid-January) of the current fiscal year, continued to reach the objective in the month of Magh, according to data kept by the BCO.

For the month of Magh in the current fiscal year, the BCO set a revenue collection target of Rs 3.242 billion, and it has brought in Rs 3.43 billion. Compared to the month of Magh in the previous fiscal year 2023–2024, the money collected is nearly Rs 1 billion more. Only Rs 2.453 million was collected by the office in the month of Magh during the previous fiscal year.

The office had nearly met its revenue-collecting goal earlier in the month of Poush. Poush’s revenue collection goal was Rs 3.319 billion, however, the office ended up earning Rs 3.192 billion.

Only a percentage of the office’s revenue target had been collected in the months prior to Poush. The office’s income target for the month of Mangsir (mid-November to mid-December) was 74.64 percent. The office collected Rs 2.44 billion in revenue, which was less than the Rs 3.27 billion revenue collection target set for Mangsir.

The income collection target for the month of Kartik (mid-October to mid-November) was Rs 3.329 billion, according to the office. The office collected Rs 2.387 billion throughout this time, or 71.73 percent of the goal.

Likewise, during Ashoj (mid-September to mid-October), the office collected Rs 2.47 billion in revenue, falling short of its aim of Rs 3.31 billion. This represents 74.66 percent of the goal. During the month of Bhadra (mid-August to mid-September), the office collected Rs 2.44 billion, or 68.26 percent, of the Rs 3.58 billion projected revenue. The office only collected Rs 2.62 billion, or 81.57 percent, of the Rs 3.25 billion income collection objective during the month of Shrawan (mid-July to mid-August). Following the Biratnagar Customs Office’s repeated failure to fulfill the revenue collection target, the revenue target for the current fiscal year was also lowered.

For the current fiscal year, the office has set a revenue target of Rs 23.31 billion, compared to Rs 29.37 billion for the previous fiscal year.

According to the office’s statistics, the amount of foreign trade that passed through the Biratnagar checkpoint in the current fiscal year’s month of Magh grew dramatically over the previous year. In the month of Magh during the previous fiscal year, the Biratnagar checkpoint handled a total of Rs 16.408 billion in trade. However, in the current fiscal year’s month of Magh, it rose to Rs 30.93 billion.

Compared to the prior fiscal year, both imports and exports have increased. Last year’s Magh month saw the import of commodities valued at Rs 13.92 billion and the export of products valued at Rs 2.48 billion. During the current fiscal year’s month of Magh, exports totaled Rs 8.36 billion while imports reached Rs 22.57 billion. The Biratnagar Customs Office has seen a considerable increase in revenue collection as a result of increases in both imports and exports.