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NBR collected record Tk 8,733cr VAT in Aug

GreenWatch Desk Tax 2022-09-22, 5:47pm

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National Board of Revenue (NBR) collected Tk 8,733 crore of revenue from value added tax (VAT) in August – showing a 20 percent year-on-year growth.

NBR’s collected VAT revenue in August is Tk 519 crore more than the target.

In this regard, NBR member (VAT) Moinul Khan said that government expenditure has decreased due to cost-cutting measures. Still, due to various initiatives and efforts, more VAT has been collected.

Generally, more VAT is collected from government purchases than from the private sector. This time there is an exception, he said.

In the first two months of the current financial year, collection of income tax, VAT, and customs amounts to Tk 40,270 crore, which is Tk 3,319 crore less than the target. In the current financial year, the total revenue target is Tk 3.70 lakh crore.

According to NBR sources, in the first two months, Tk 10,373 crore have been collected in the income tax sector and Tk 14,863 crore in the customs sector.

In July-August, VAT from 30 small sectors amounted to Tk 4,869 crore. On the other hand, Tk 10,165 crore VAT has been collected from the private sector – retail and wholesale, rod-cement, hotels, and restaurants, reports UNB.