VAT collection on EFD higher in April with rising sales
The National Board of Revenue (NBR) collected more VAT in April through electronic fiscal device (EFD) challan, with significantly higher Baishakh and Eid festival sales, recovering the losses incurred during Covid.
It collected an average of Tk1 crore in VAT every day, using the EFD challan platform. It collected Tk29,31,74,000 in VAT this April, said NBR Member (VAT implementation) Abdul Mannan Sikder at a press conference Thursday.
On Thursday, the NBR had a lottery draw of EFD challans collected from 1 to 30 April. The first EFD challan draw was organised on 5 February in 2021.
Keep updated, follow The Business Standard's Google news channel
Abdul Mannan said hotel and restaurant sales were less during Covid for the last two years which increased in April this year.
"We have data of collecting Tk1 crore in VAT every day in April. We have collected Tk29,31,74000 in VAT against a sales volume of Tk4,05,35,77000, meaning that over Tk97,00,72000 in VAT was collected every day," said Abdul Mannan.
He expressed hope that the popularity of the EFD machine would increase, with businesses using the machine properly and greater buyer awareness in collecting their challans, he added.
The NBR has so far installed EFD machines in 4,578 business centres.
Answering a question on VAT evasion, Abdul Mannan said VAT collection was satisfactory this month, though the tendency to evade VAT is always there.
"We are trying to convince businesses they should collect VAT from customers properly. Many of them are doing the right thing as they are supposed to, but some businesses are evading VAT and we are taking legal action against them," he said.
