Revenue collection collapsed in the first month of the financial year

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Revenue collection collapsed in the first month of the financial year

Revenue collection has collapsed in the first month of the financial year. In the first month of the current fiscal year 2020-21, the revenue collection target set by the National Board of Revenue (NBR) was set at Tk 19,036 crore. But at this time the actual revenue collection was only Tk 12,334 crore. The achievement was Tk 6044 crore less than the target. As a percentage, the revenue collection has been less than the target by 36 percent. The collection has been 22 percent less than the same period last year. This information has been known from NBR and Finance Department sources.

In this regard, Abu Hena Md. Rahmatul Munim, Senior Secretary, Department of Internal Resources and Chairman, NBR, said that the revenue collection for the first month of the financial year i.e. July has not been finalized yet but the revenue collection has been comparatively less. But now that imports and exports are on the rise, so is revenue. He made the remarks in a virtual meeting with the finance minister on Tuesday, according to the finance department.

The VAT or value added tax sector is in the worst position in terms of revenue collection. The revenue collection target in this sector in July was Tk 7,833 crore. But it has been possible to collect only Tk 3835 crore . Then the income tax sector is in the second position in terms of failure. The revenue collection target for this sector in July was set at Tk 4,219 crore.

Similarly, the target of import duty was Tk 7,426 crore. But Tk 4926 crore has been recovered. In the current fiscal year 2020-21, the revenue collection target for the NBR sector has been set at Tk 3 lakh 30 thousand crore. Of this, Tk one lakh 3 thousand 945 crore  will have to be collected on income, profit and capital. One lakh 25 thousand 162 crore will have to be collected from VAT. 56,615 crore from supplementary duty, Tk. 37,708 crore from import duty and Tk. 3,007 crore from excise duty.

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