Revenue collection up by 14.36pc in July-October

The revenue collection has increased by 14.36 per cent to Tk 1.03 trillion (Tk 1,03,976 crore) in the first 4 months of the current  FY2023-24 compared to the same period during the previous FY 2022-23, according to National Board of Revenue (NBR).

According to the provisional data of the NBR, three wings of the revenue board have collected Tk 1.03 trillion as income tax, Value Added Tax (VAT), and Customs Duty during the first quarter of FY2023-24. This marks a revenue collection rise by 14.36 per cent during the first quarter of the current fiscal.

During the same period of FY2022-23 the revenue board had collected Tk 0.90 trillion (Tk 90,913 crore).

The sector-wise revenue income has been – Tk 0.32 trillion (Tk 32,668 crore) from the customs duty, Tk 0.40 trillion (Tk 40,048.62 crore) from VAT, and Tk 0.31 trillion (Tk 31,259 crore) from the income tax and travel tax sector.

However, the revenue is slightly behind the target for the period. The revenue target for four months was Tk 1.23 trillion (Tk 1.23 lakh crore).

In the current fiscal year, the revenue target for NBR is set at Tk 4.30 trillion (Tk 4.30 lakh crore).