The revenue accounts for the month of July of the current financial year have been finalized. The VAT segment has achieved the highest growth in this.
They have grown about 22 percent.
On Wednesday (August 30), the National Board of Revenue (NBR) said this.
Reportedly, this achievement has also brought about a positive change in terms of total revenue of NBR. According to the calculations, NBR achieved a growth of 15.38 percent in VAT, customs and income tax.
Among the three divisions of NBR, Customs Division has grown by 13.70 percent and Income Tax by 9.65 percent. On the other hand, VAT earned 21.51 percent more than the previous fiscal year. During the same period last year, the VAT growth was 10.58 percent.
According to the information, the VAT collected in the current month of July is Tk 7,654 crore. In July last year, this collection was Tk 6,299 crore. 1,355 crore has been collected more.
LTU VAT Commissionerate is at the top in VAT collection for the month of July. Total collection of LTU is Rs.3,561 crore. Which is 860 crore more than before. The growth of this commissionerate is 31.86%. Which is the latest VAT collection record.
Besides, Comilla, Sylhet, Khulna, Rajshahi, Chittagong, Dhaka East, Dhaka South, Rangpur and Jessore Commissionerates have done relatively well in July of the current financial year. All of them have double digit growth.
Growth has also been noticeable in the effort dependent sector. 27.52% has been collected in this sector. On the other hand, VAT came from 12.68% in the deduction at source category.
In this case, the VAT collection of sweet shops has increased by 28 percent. In the current fiscal year’s budget, VAT in the sweet sector has been reduced from 15 percent to 7.5 percent. Despite this, VAT collection in this sector has not decreased, but has increased.
This information on the effort sector means that the activity and supervision of the field level VAT officers has increased greatly. A realistic strategy has been laid down by identifying various potential sectors from NBR.
It is expected that this trend of high growth in VAT collection in July this year will continue.
It should be noted that despite various challenges in the economy, the VAT sector has seen the highest growth of 16 percent in the last financial year 2022-2023.
