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With the push of Corona, the pace of revenue collection is returning. The government's revenue collection has also increased due to the increase in imports and exports. In the first five months of the current 2021-22 financial year, i.e. from July to November, 15 percent growth in revenue collection has been achieved. During this time, the National Board of Revenue (NBR) has collected Tk 1 lakh 26 crore.
During the same period of the previous financial year, the revenue collection was Tk 8,194 crore. In other words, the NBR has collected 13 thousand 73 crore more revenue this time as compared to last year. The highest revenue collection during July-November is from value added tax or VAT of Tk 36,605 crore. VAT collection has increased by 9.44 percent. According to analysts, VAT collection is directly related to the consumer. An increase in VAT collection means that consumer spending has also increased. Expenditure has risen at the consumer level, which means that the wheel of the economy is turning. However, despite the increase in revenue collection, the NBR is lagging behind the target. 13,096 crore is behind the target of the first five months of the current 2021-22 financial year. At that time the target was to collect revenue of Tk 1 lakh 13 thousand crore.
Revenue officials say the corona's influence has waned, boosting the country's trade. Besides, the monitoring system of the National Board of Revenue is also being strengthened. The pace of revenue collection has increased due to automation. According to the NBR, the highest growth in revenue collection in these five months has been from the import-export duty sector. 33,984.62 crore has been collected from the import-export customs sector. The growth in this sector has been 22.56 percent. According to the NBR's provisional estimates, Tk 29,798.56 crore has been collected from income tax in the five months (July-November) of the 2021-22 fiscal year. Revenue growth from income tax is 14 percent.
Revenue has stagnated for several months since April last year due to the closure of everything in the country since the onset of corona infection. From July last year, the collection of revenue began to be somewhat normal. At the beginning of the current financial year, NBR started getting revenue in the previous section. In the first phase of Corona, the growth in revenue collection for the fiscal year 2019-20 was negative. Such a situation has never been seen in revenue collection in the country. NBR is turning away from that situation this year. Find more.
Source: Online/SZK
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