VAT collection in Chattogram up 42% in November

Chattogram Customs, Excise and VAT Commissionerate achieved a 41.7% growth in value-added tax (VAT) collection year-on-year in November this year.

The commissionerate collected Tk882.27 crore in VAT in eight divisional areas under it, VAT officials said, adding the amount was Tk625.39 crore in the same month a year ago.

The growth rate in VAT collection in November is the highest in a month in the current 2021-2022 financial year. In the first three months (July-September) of the fiscal, the growth rate was 11.41%, 2.53%, and 5.29%, respectively.

The VAT Commissionerate lost positive growth in October. That month, the growth was –2.6%. In October, Tk635.62 crore in VAT was collected in comparison to Tk653.81 crore in the same month of the previous year.

The commissionerate collected around Tk3,544 crore in VAT in July-November this year against a target of Tk4,302 crore. The figure was Tk3,186 crore during the corresponding period of last fiscal year.

Five districts including Chattogram, Cox's Bazar, Bandarban, Rangamati, Khagrachhari are under the Chattogram VAT Commissionerate. These districts are divided into eight divisional areas and 24 circles.

Mohammad Akbar Hossain, commissioner the commissionerate, told The Business Standard, "VAT collection has increased because of an increased use of the Electronic Fiscal Device (EFD), collection of arrears, ensuring timely filing of VAT returns online and increase in the number of registered companies. Hopefully, this will continue in the remaining months of the financial year."

Meanwhile, the authorities have introduced the "Officer of the Month" award on the basis of performance in different categories in each tax period of FY22 to encourage VAT officials.

For November, Fatema Khairun Nur, deputy commissioner of Agrabad Division has been awarded as the Best Divisional Officer, Manik Kumar Dutta, revenue Officer of Bandarban Circle, as the Best Circle Officer and Delwar Hossain, assistant revenue officer, Bandarban Circle as the Best Sector Officer.