Revenue collection in Narayanganj sees 10.48% growth over ten months

Narayanganj has recorded a 10.48% increase in revenue (VAT) collection, amounting to Tk243.76 crore from July to April of the current fiscal year, according to the Narayanganj Customs, Excise, and VAT office. 

In the current fiscal year 2023-24, from July to April, revenue collection has increased by more than Tk23.12 crore compared to the same period in the previous fiscal year 2022-23, Deputy Commissioner Sulaiman Hossain told The Business Standard.

During the same time last year, the amount collected was over Tk220.63 lakh.

Despite the increase, the revenue collected over the past 10 months remains significantly below the target set for the current fiscal year. Officials, however, are optimistic that the revenue collected in the remaining two months will surpass the total collected in the 2022-23 fiscal year.

According to customs office data, revenue collection in April alone was Tk28.38 crore, which is Tk5.01 crore more earned in April of the previous fiscal year. Compared to the previous fiscal year, the growth in April was 21.45%.

The revenue collection target for Narayanganj in the current fiscal year has been set at Tk570.36 crore.

However, in the previous fiscal year, the revenue collected from this region was Tk306.42 crore.

Officials from the NBR Narayanganj office reported that revenue from various government initiatives has increased by 5.37%.

Meanwhile, due to enhanced oversight by officials, revenue in the labour sector has grown by 18.07%,  they said, adding that there is a strong possibility that this figure will exceed 20% over May and June.

Despite these gains, achieving the revenue target for this division will be challenging. The NBR needs to collect Tk326.59 crore in the last two months, which is more than what has been collected in the past 10 months.