DHAKA, July 27, 2023 (BSS) - The revenue collection by the National Board of Revenue (NBR) from VAT witnessed a 17 percent growth in the last fiscal year (FY23) fetching Taka 1,25,424 crore.

The revenue collection from VAT by the revenue board in the previous fiscal year (FY22) was Taka 1,08,420 crore. In that consideration, the revenue collection from VAT in the FY23 was Taka 17,004 crore higher than the previous FY22.

According to a press release of the NBR, the VAT Commissionerates of Chattogram, Khulna and Dhaka South attained higher growth in revenue collection in the last fiscal year out of its 12 VAT Commissionerates witnessing 38.71 percent, 24.71 percent and 19.89 percent growth respectively.

The NBR data revealed that the LTU VAT Commissionerate collected the highest amount of Taka 58,566 crore as VAT in the last fiscal which was Taka 6,133 crore or 11.70 percent higher than the previous fiscal year.

Talking to BSS, a senior official of the NBR said that the overall collection of VAT in the last fiscal year was a bit less than the expectations due to the current global economic condition and the austerity measures of the government.

Otherwise, the VAT collection could have been higher, he said adding that the overall VAT collection could be termed as a 'good achievement'.

The official said that the VAT collection in the last fiscal year (FY23) witnessed 17 percent growth mainly for three reasons which are strict monitoring in VAT collection at the field-level, updating the production related materials of the business enterprises and taking effective measures for evading VAT.

The NBR data also showed that the highest amount of Taka 32,818 crore came as VAT from cigarettes and tobacco products in the last fiscal year (FY23) with a 10 percent growth followed by Taka 9,438 crore as VAT from the mobile phone operators with 11 percent growth.

Besides, the other sectors which achieved notable growth in VAT collection in the last fiscal are MS rod with 58.46 percent growth, soft drinks with 31.19 percent growth, cement with 33.72 percent growth, commercial space rent with 20.11 percent growth, petroleum gas with 21.68 percent growth, petroleum products with 23.43 percent growth, sweetmeat shops with 38 percent growth, residential hotels with 39 percent growth and restaurants with 16.78 percent growth.

The revenue collection target from VAT in the last fiscal year (FY23) was Taka 1,36,800 crore.