FBR reveals Hyderabad sugar mills as sales tax short filers
ISLAMABAD: In its ongoing sales tax field audit, The Federal Board of Revenue has detected short filing and short payment in sugar mills in Hyderabad. According to sources, the inspection of tax records confirmed that most of the sugar mills in Hyderabad are short-filers of sales tax returns including short-payment of sales tax; violation of section 73 of the Sales Tax Act, 1990 where transactions have not been made through banking channels, wrong input tax adjustments, concealment of sales and tax on fixed assets has not been paid.
In a bid to counter such practices, FBR has devised an effective strategy to recover sales tax in cases where serious discrepancies have been detected during the last three years. So far, the field audit of 24 units has been completed, whereas the remaining five units have some chronic tax problems. These mills have yet not provided necessary data to the audit teams.-SANA
Popularity: 1% [?]
Loading ...
