Tk 6,283 crore revenue on VAT return collected amid coronavirus pandemic

Traders have submitted a total of 30,781 returns to the National Board of Revenue (NBR) in 252 VAT circles between April 12 to 15. A total of 6,283 crore 37 lakh taka was collected by NBR through these returns.

NBR sources confirmed the information on Thursday (April 16th). 

Earlier, a decision was taken to open the VAT Circle offices on a limited basis even during the general holidays announced on April 10. Traders filed returns from 9am to 5pm daily. The offices were open to assist traders in the filing of returns without legal obligations and penalties.

NBR data says there are 12 VAT commissionerate and 252 VAT circles in the country, including large taxpayer units (LTUs) under the NBR. The number of VAT registered companies is 153,569. Between April 12 to 15, a total of 30,781 returns were submitted. Of these, 10,995 returns were submitted at offices while 19,786 returns were submitted online. The total revenue collected in four days amounted to Tk 6,283 crore 37 lakh.

Of the 12 commissionerates, total 126 returns were filed at LTU in four days, and a total of  4,199 crore 7 lakh taka was collected as revenue.

NBR sources said, on the last day alone (April 15), 17,560 returns were filed across the country and revenue of 4,600 crore 55 lakh taka was collected.

Besides that, Tk 287 crore 21 lakh revenue was collected from 3,683 filed returns on the third day. On the second day, 5,013 VAT returns were filed and the revenue raised from these returns amounted to Tk 1,170 crore 83 lakh. And on the first day, 4,251 VAT returns were filed from which Tk 336 crore 41 lakh worth revenue was collected.

Due to government directives, almost all organizations were shut down since March 26 across the country. However, under the new VAT law, a fine of Tk 10,000 would be imposed if traders do not file returns by 15th of each month. The NBR issued a directive on April 9, seeking a tax return for taxpayers to avoid penalties.

It states, "According to the VAT law, there is an obligation to file a VAT return on the 15th of every month. For this purpose, NBR has decided to open VAT Circle offices on a limited basis only from April 12 to April 15, to facilitate the filing of VAT returns."

Sheikh Fazle Fahim, the president of the FBCCI, on April 9 placed a request at the National Board of Revenue (NBR) to increase the duration of office hour during the shutdown period for making it easier for the traders to file returns.

sr/teb