VAT collection by the Customs, Excise and VAT Commissionerate, Dhaka West, has increased by 21 percent in the first five months of the current fiscal year, albeit the overall revenue collection has been witnessing negative growth since the beginning of the year.
According to the Dhaka West office, they have collected Tk944 crore in VAT in the July-November period in contrast to Tk817 crore during the same time a year before.
The field-level office has also outnumbered other regions in terms of online VAT returns submission.
The number of online VAT returns submission in November 2019 stood at 2,404 countrywide. Of the total, 32 percent or 755 were submitted with the Dhaka west office.
The regional office was ahead in online VAT registration. In the current fiscal year, a total of 14, 445 business entities have registered for the electronic Business Identification Number (e-BIN) under the office. The number was the highest for a commissionerate.
"It is very positive that businesses are interested in acquiring e-BINs and submitting returns, Dr Moinul Khan," the commissioner of Dhaka West, said adding that hence, they are not getting any complaint of harassment from taxpayers.
If the government focuses on the total implementation of the new VAT law, more transparency and accountability will come in VAT collection, he added.
More positives from the enforcement of the law will be visible after the end of the current fiscal year, Dr Moinul said.
As the new law is business-friendly, businesspeople have been getting advantages from it.
To further facilitate VAT payment, 155 organisations registered with the Dhaka West have been shifted to different other filed-level offices in the light of new business challenges.