Keeping pace with the neo normal life during the pandemic, revenue collection by the National Board of Revenue is gaining momentum too.
NBR managed to earn more than Tk 2000 crore in revenue during first quarter of the current fiscal year compared to its earning during the same period of the last year. Accordingly, during the first three months of the current fiscal year from July to September, NBR earned Tk 49.898 thousand crore which was Tk 48.17 thousand crore in the first quarter of the last fiscal year.
NBR officials said because of enforced lockdown people's mobility and shopping sphere got truncated resulting into the booming business during post lockdown leisure time.
Despite earning 4.11% higher revenue in the first quarter, the NBR is still short of Tk 14 thousand crore as far as the revenue collection target is concerned.
NBR has been assigned with the task of earning Tk 3.30 lakh thousand crore in this fiscal year but it has managed to earn only Tk 49.898 thousand crore in the first quarter leaving the NBR with the daunting task to earn Tk 2.80 crore during the remaining last nine months of the 2020-21 fiscal year.
Talking to the Business Post on Sunday, NBR officials seeking anonymity said, gigantic work lies ahead of us to fulfill the target but the way economy is functioning after the post lockdown period, we are hopeful of achieving the target.
"Government has taken various steps to reopen economy as people are suffering due to coronavirus pandemic which came as a massive blow to the people. With the opening of business, NBR is hopeful about earning the targeted revenue" NBR officials said.
Executive Director of Policy Research Institute Ahasan H Mansur said, "Economy will suffer again if second wave of coronavirus pandemic is intense resulting into the downward trend of revenue collection. It will take up to next March for the climate of business in the country to be normal. Revenue collection will increase keeping pace with business".
Earning of NBR from export import sector has also risen during the first quarter of the current fiscal year than the same period of the last year which is Tk 1.14 thousand crore.
NBR statistics shows that in the first three months of the current fiscal year, starting from July, NBR earned Tk 15.958 thousand crore which was Tk 14.944 thousand crore during the first quarter of the previous fiscal year.
Earnings from income tax and travel tax have also risen in first quarter of the current fiscal year. During this time the income amounted to TK 15.919 thousand crore and more than TK 746 crore than the first quarter of the last fiscal year.
NBR earned Tk 18.111 thousand crore from Value Added Tax (VAT) which was Tk 17.898 thousand crore in the first quarter of the last fiscal year.
sh/wi
