The National Board of Revenue (NBR) has collected Tk 3,21,510.95 crore as revenue in the first 11 months (July to May) of the current fiscal year.
The revenue collection is 98.70 percent of the revised target set for the 11-month period of the fiscal year 2023-24. Besides, it is 13.84 percent higher than the same period of the previous fiscal year, according to sources in NBR.
The revised revenue collection target for the current fiscal year was set at Tk 4,10,000 crore. Of the total, the revised revenue collection target was fixed at Tk 3,25,740.35 crore for 11 months. The collection fell short of target by Tk 4,230 crore, but it still marks a substantial accomplishment given the current economic conditions.
In the same period of the previous fiscal year (2022-23), Tk 2,82,416.80 crore was collected as revenue.
Income tax has led the way in revenue collection, surpassing its target significantly. A total of Tk 1,05,054.32 crore was collected against a target of Tk 92,628.91 crore, up by 18.10 percent compared to the previous fiscal year.
On the other hand, Value Added Tax (VAT) and import-export duties lagged behind its targets. Local VAT collection amounted to Tk 1,25,037.90 crore against the target of Tk 1,32,755.60 crore. Though VAT collection fell short of target by Tk 7,717.70 crore, it increased by 13.87 percent compared to the previous fiscal year.
Besides, Tk 91,418.73 crore came from import-export duties which was Tk 8,937.11 crore lower than the target. The target was set at Tk 1,00,355.84 crore. However, the collection increased by 9.29 percent compared to the same period of the previous financial year.
Initially, the revenue collection target for the current fiscal year was set at Tk 4,30,000 crore. However, the target was revised down by Tk 20,000 crore.
