The revenue authorities have again reached a record 16 percent growth in the first four months of the fiscal year 2021-22 (July-October), thanks to the government for successfully tackling the Covid- 19 crisis.
The National Board of Revenue (NBR) has achieved the growth second time in a row which showed more than 16.47 percent revenue growth rate of income tax, value-added tax (VAT) and customs.
Earlier, in the first three months of the financial year (July-September), a record growth of 16.72 percent was achieved in revenue collection. Last July-August growth rate achieved was 14.55 percent.
Intensive monitoring, automation and increasing tax coverage have accelerated revenue collection are the main reason for the record revenue collection, said an official of NBR.
However, the NBR still lags behind the target of Tk 8,753 crore in the first four months of the fiscal year 2021-22. NBR has targeted to achieve Tk 88,106 crore in this FY 2021-22.
This is our provisional amount, the amount and growth of revenue will increase at the end of the FY, because many sectors of revenue authorities are not counted at this time, the NBR official added.
The highest growth has come from the import-export tariff sector. In this sector, a growth of 21.31 percent has been achieved in the amount of Tk 26 thousand 404.24 crore.
On the other hand, with a growth of 14.26 percent of VAT, the board has collected a maximum of Tk 29,279.40 crore, which is 91 percent of the target.
Earlier, in the three months (July-September) of FY 2021-22, the collection of income tax, VAT and customs was Tk 1,978crore, Tk 1,947 crore and Tk 2,417 crore less than the target set by the NBR.
The total deficit was Tk 6,343 crore. The revenue collection in October this year, the revenue collection has increased by 16.24 percent to Tk 21,085.35 crore.
The target in three sections was TK 23 thousand 411 crore. The highest growth in October was in the customs sector. Due to the increase in the trend of imports, 22.19 percent growth has been achieved in that month. This month, the growth in income tax and VAT department is 18.24 and 10.9 percent respectively, according to the NBR.