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Tax receipts fell short of target by Tk 8,753cr in July-Oct

Published : Wednesday, 24 November, 2021 at 12:00 AM  Count : 536

Revenue collection by the National Board of Revenue (NBR) fell short of target by Tk 8,753 crore in the July-October period of the current fiscal 2021-2022, according to NBR provisional data.
The NBR managed to collect Tk 79,353 crore against Tk 88,106 crore target. However, the revenue collection in the period of the ongoing fiscal grew by 16.47 per cent compared with that in the same period of the previous fiscal year, according to the data.
Customs duty, value-added tax and income tax collection grew by 21.31 per cent, 14.26 per cent and 14.12 per cent respectively in the period compared with those in the previous fiscal year.
VAT collection was the highest, at Tk 29,279 crore, in the period followed by customs duty at Tk 26,404 crore and income tax receipt at Tk 23,669 crore in the period.
The customs wing suffered a collection shortfall of Tk 3,805 crore, followed by VAT shortfall of Tk 2,720 crore and income tax fall short of Tk 2,226 crore compared with their respective targets.
The revenue board however achieved 90.07 per cent of its target in the period. The monthly revenue collection in October rose by 16.24 per cent over the corresponding period of last year.
The data showed Tk 5,720 crore was collected as income tax in October, up 18.68 per cent year-on-year on basis compared to Tk 4,820 crore in the previous year. But the target was Tk 5,968 crore.
The revenue authorities managed to collect 95.84 per cent of income tax collection target, the highest among its wings. The VAT collection grew by 10.09 per cent to Tk 8,270 crore against the target of Tk 8,960 crore in October.
The NBR also realised 92.31 per cent of its VAT collection target. However, the VAT wing witnessed a shortfall of Tk 689 crore. In October, the customs wing of the NBR realised Tk 7,094 crore, posting a 22.19-per cent growth, the highest under it.
The government has set a target of Tk 3,30,000 crore revenue collection in the current fiscal year 2021-22 against the actual collection of Tk 2,61,000 crore in the previous fiscal.
















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