Tax-revenue collection grew by 15.38% in the first month of the current FY24, due to a hefty rise in VAT collection following the inflationary pressure.
VAT collection grew by 21.51% in July compared to that of the corresponding month last year, according to the National Board of Revenue's (NBR) provisional data.
However, the aggregate tax revenue collection in the month fell short of its target by Tk1,865 crore.
The NBR collected Tk20,561 crore as taxes in July against its target of Tk22,427 crore.
Its three wings missed their targets in the month.
Among the wings, the shortfall in income tax collection was the highest at Tk2,067 crore, followed by VAT Tk329 crore, and customs Tk531 crore.
Income tax collection grew by 10%, while that of import-export by 14%.
The VAT wing collected revenue worth Tk7,654 crore in July, followed by the customs wing Tk7,693 crore, and the income tax wing Tk5,213 crore.
The government has set Tk430,000 crore revenue collection target for FY24.
Average revenue collection growth was 10.64% during the last five years.
The NBR achieved 10.19% growth in tax revenue collection in July of FY23 over the corresponding period of the previous year.
Growth of the customs wing was 3.7%, the VAT wing 15.68%, and the income tax wing 10.03%.