The revenue collected by the National Board of Revenue fell short by Tk 58,000 crore against the revised target set for the immediate past fiscal year 2018-2019 as tax officials managed to collect around Tk 2.22 lakh crore in the year, shows the board’s provisional data.
The government revised the revenue collection target downward to Tk 2,80,063 crore from the original target set at Tk 2,96,201 crore for the year.
The board collected the highest Tk 85,600 crore in VAT followed by Tk 72,300 in income tax, and Tk 64,100 in customs duty in July-June period of the FY19, officials said.
As per the revised target, the collection target was Tk 1,04,006 crore for VAT wing, Tk 96,632 crore for income tax wing, and Tk 79,425 crore for customs wing.
The original revenue collection target for FY19 was Tk 1.10 lakh crore for the VAT wing, Tk 1,02,201 crore for the income tax wing and Tk 84,000 crore for the customs wing.
VAT, income tax and customs duty collection was Tk 78,894 crore, Tk 65,695 crore and Tk 61,818 crore respectively in FY18.
They said that the amount of revenue collection might be little bit higher once the board got the final data, particularly on value-added tax collection, from the field offices.
Overall revenue collection grew by more than 7.5 per cent compared with the collection of Tk 2,06,407 crore in the FY 2017-2018.
The growth rate was the lowest in recent years while the average revenue collection growth was 14 per cent in previous five years.
Officials said that the growth rate would be over 9 per cent if it took the revenue collection figure at Tk 2,02,000 crore finalised by office of controller general of accounts for FY 18.
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