VAT return submission falls in April

Staff Correspondent

25 April, 2021 12:00 AM printer

VAT return submission falls in April

National Board of Revenue (NBR) has received value added tax returns from 1.07 lakh traders in April while the total number of registered traders is 2.52 lakh.

The government’s revenue body has kept VAT offices open to receive VAT returns during the lockdown.

NBR said the revenue collection from the VAT sector has fallen to Tk 70 billion in April from an average monthly earning of Tk 120 billion.

Earlier, the NBR had requested the traders to file their VAT returns by April 8.

According to the Act of VAT and supplementary duty rules and regulations, taxpayers are required to file VAT returns within 15 days of a month that ended.

In violation, the traders are liable to pay Tk 10, 000 in penalty plus 2.0 percent interest on the remaining VAT amount.

Md Helal Uddin, President of Bangladesh Shop Owners Association, demanded to extend VAT filing time without imposing penalty and interest.

Speaking with the daily sun on Thursday, he said the shop owners paid the rent of shops and business establishment along with the salary of employees despite the fact that the businesses remained shut down due to lockdown.

He urged the NBR not impose penalty and interest for delayed VAT return submission considering the lockdown time.

In the country, there are around 2.52 lakh traders registered with the NBR to summit VAT return. But only 1.7 lakh of them have submitted their VAT returns by April 15.

According to the NBR, among the 12 commissionerates, the lowest number of VAT returns submitted at the Dhaka South VAT commissionerate.

Out of 62,200 registered businesses, only 8,904 businesses have submitted their VAT returns in April.

Eighty percent business farms and institutions of Dhaka city and nearby districts did not submit returns in April.

As a result, the NBR’ revenue collection from VAT has drastically fallen. Usually, the NBR earn revenue on an average of Tk 120 billion from VAT but in April the VAT revenue fallen to Tk 70 billion.

However, Cumilla and Jessore VAT offices have shown success in online VAT returns submission.

Cumilla VAT office has become the first to submit VAT returns during the past eight consecutive months.

 


Top