FY 2021-22: How Tk 6,03,681cr will come...

Dhaka, Wednesday   16 June 2021

FY 2021-22: How Tk 6,03,681cr will come

 Staff Correspondent daily-bangladesh.com

 Published: 08:17 PM, 3 June 2021  

Finance Minister AHM Mustafa Kamal has introduced a proposed budget of Tk 6,03,681 crore for the 2021-22 fiscal year. Of this, the target for total collection through taxes has been fixed at Tk 3,46,000 crores. 

This is the biggest budget deficit in the history of the country. Taking into account the challenge of revenue collection, the Finance Minister presented the proposed budget through a budget speech in the Jatiya Sangsad on Thursday at 3 pm. 

The size of the total expenditure in the new budget is Tk 6,03,681 crore which is 17.47 percent of the total GDP. The total income in the budget is estimated at Tk 3,92,490 crore where the deficit (including grants) is Tk 2,11,191 crore - which is 7.1 percent of the total GDP.  

The budget for the new fiscal year is Tk 35,681 crore more than the previous fiscal year. The size of the budget for the fiscal year 2020-2021 was Tk 5,68,000 crore. To provide this money from the budget, the government will “resort” to revenue, domestic debt and loans from foreign sources.

The government is giving more importance to income in this year’s budget. Of this, Tk 3,46,000 crore will come from the tax sector, the non-tax receipt is Tk 43,000 crore.

However, tax money will be collected from two sectors. Of this, the National Board of Revenue (NBR) control tax is Tk 3,30,000 crore and the non-NBR tax is Tk 16,000 crore. Besides, the target for receiving foreign grants next year has been set at Tk 3,490 crore.