Steel melters, re-rollers found involved in massive duty evasion

Web DeskWeb Editor

01st Jul, 2021. 03:37 pm
Steel melters

KARACHI: The Directorate of Intelligence and Investigation-Inland Revenue (I & IR), Lahore has identified massive evasion of the federal excise duty by the steel melters and re-rollers through concealment of the actual value of the products and supplies, a statement said.

The tax authorities said the steel melters and re-rollers were found involved in massive evasion of the federal excise duty by way of suppression of actual production and supplies and suppression of actual value of supplies in violation of sub-section 5A of section 3 of the Federal Excise Act, 2005.

The Directorate of I & IR, Lahore carried out proceedings under Section 25 and Section 45 of the Federal Excise Act, 2005 against two industrial units manufacturing iron and steel products (steel ingot and other long profiles of steel), which were working at adjacent premises situated in Sheikhupura.

The units had not paid the due federal excise duty payable in sales tax mode on its dutiable supplies by way of concealment of actual production and sales. During the search, a certain record was impounded, which was under scrutiny.

Further investigations are underway. The Directorate General I & IR would continue such operations in order to detect the fraud of duty causing loss or revenue amounting to hundreds of millions of rupees.

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