Revenue from VAT on uptrend in Sylhet

SYLHET, Apr 8: Revenue from VAT and customs duty has remained on a rising trend in Sylhet division over the last few years.
In 2016-17 fiscal year (FY), VAT collection stood at over Tk 8.89 billion, an increase of more than Tk 1.32 billion from the previous fiscal, a report of the department shows.
In FY 2015-16, VAT collection stood at over Tk 7.57 billion, up nearly 33 per cent from the previous fiscal's (2014-15) VAT collection of Tk 5.7 billion.
In the first eight months (July to February) of the current FY 2017-18, over Tk 6.59 billion was collected in VAT, compared to the Tk 5.75 billion collected during the same period of the previous fiscal (2016-17).
The target of VAT collection in the current fiscal is set at Tk 10.50 billion, said an official.
Customs duty revenue saw an increase of Tk 450 million in FY 2016-17, from over Tk 1.49 billion in FY 2015-16 to over Tk 1.94 billion. The figure for FY 2014-15 was more than Tk 1.66 billion.
In the first eight months of the current FY 2017-18, Tk 1.47 billion in customs duty was realised, compared to Tk 1.32 billion collected during the corresponding period of the previous fiscal.
The target of customs duty revenue in the current fiscal is set at Tk 2.5 billion, sources said.
Contacted, Commissioner of Customs & VAT, Sylhet, Md Shafiqul Islam said customs duty revenue had been affected in the last few years due to suspension of coal import from the Indian states of Meghalaya and Assam.
"We are putting in our best efforts to achieve this year's target," he added.