VAT collection increases by 22% in July

The collection of Value Added Tax (VAT) by the National Board of Revenue (NBR) has witnessed a growth of 22 percent in the first month (July) of the current fiscal year (FY24).

According to the latest data of the National Board of Revenue (NBR), the collection of VAT in July this year notched Tk 7,654 crore, which was Tk 1,355 crore higher than Tk 6,299 crore fetched in July last year.

BSS adds: The LTU VAT Commissionerate was on top of the list for collecting VAT during this single-month period with a record Tk 3,561 crore having a healthy growth of 31.86 percent.

Besides, the other Customs, Excise and VAT Commissionerates across the country performed well having double-digit growth.

In July, the lion share of VAT came from the tobacco sector with Tk 1,211 crore having a growth of 25.92 percent followed by sweetmeat shops with 28 percent.

Meanwhile, out of the three wings of the revenue board, the Customs Department witnessed a growth of 13.70 percent in July while the income tax department witnessed a growth of 9.65 percent.

In together with income tax, customs and VAT, the NBR witnessed a 15.38 percent revenue collection growth in July.