Customs department has recorded 51 per cent growth in revenue in the first month of fiscal 2008-09, thanks to higher import of luxury items, including cars, which helped it fetch increased amount of supplementary duty (SD).
The National Board of Revenue (NBR) collected Tk 19.67 billion from customs department in July, the first month of the new fiscal.
Of the total collection, customs duty posted a 36 per cent growth while at import stage the growth of value added tax (VAT) recorded at 62 per cent and Supplementary Duty (SD) at 89 per cent.
Substantial increase in SD collection proves that there was huge import of luxury items in July, customs officials said.
"We are analysing the matter as to why the collection of customs duty rose sharply in the first month of the current fiscal," a senior official of revenue board said.
There are some major reasons behind the outstanding revenue growth of customs department, he said adding that a rise in import of luxury items might be responsible.
Large number of car imported during the time and released from the port just after budget announcement might be the main cause for the record growth in SD collection, officials said.
The revenue board has collected Tk 2.13 billion worth of SD at import stage in July. But SD collection fell short of target by Tk 920 million in the fiscal 2007-08.
In the last fiscal, target of SD collection at import stage was Tk 18.45 billion, but the revenue board could mobilise Tk 17.52 billion.
After announcement of the budget, the NBR estimated the shortfall in revenue collection at around Tk 9.55 billion in fiscal 2008-09 for considerable readjustment of the duty structure.
But, customs department's revenue was Tk 6.62 billion more than that of its target set for July.
In July 2007, the customs department collected Tk 13.04 billion posting a 12 per cent growth. Overall collection growth of the customs department was 26 per cent last year compared to the corresponding period.
The government has introduced four-tier duty structure in the budget for current fiscal lowering duty slab for capital machinery to help the local manufacturing industry grow.
The government set Tk 225.36 billion, 41.0 per cent of the total revenue target, as collection target for customs department in fiscal 2008-09, up by 16.25 per cent from Tk 193.85 billion target set for 2007-08.
In the first month of the current fiscal, the NBR achieved a 23 per cent growth by collecting Tk 36.93 billion worth of revenue, which came as VAT and income tax recording 3.45 and 2.0 per cent growth.
Collection of VAT and income tax lagged behind its previous collection growth in July. The income tax department collected Tk 5.51 billion while VAT department Tk 11.36 billion in July.
Customs dept records 51pc growth in revenue in July
Doulot Akter Mala | Published: August 19, 2008 00:00:00 | Updated: February 01, 2018 00:00:00
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