Revenue collection under the Large Taxpayer Unit (LTU) of Value Added Tax (VAT) witnessed a record 40 percent growth in April of the current fiscal (FY18), as it collected Tk 4,709 crore, up Tk 1,352 crore from the same period of last fiscal year (FY17).
VAT LTU commissioner Md Matiur Rahman said the unit has been able to achieve higher growth in revenue collection because it has taken a time-befitting strategy and intensified supervision, VAT auditing and recovery of arrears.
The unit has a collection target of Tk 4, 661 crore in April but it has exceeded this target, he added.
He said the unit closely scrutinized the submitted returns to identify whether the LTUs are misusing the tax waiver facility or paying tax at sources properly.
The LTU Unit has been able to identify dodging of tax worth Tk 2000 crore in the last two years. Out of Tk 2000 crore, the unit has already realized Tk 1, 264 crore.
Rahman said the LTU Unit collected a total of Tk 36,006 crore during July-April period of FY18. –BSS