The Directorate of Intelligence & Investigation (IR) Faisalabad Wednesday conducted raids on three taxable persons allegedly involved in multi-million sales tax fraud, it is learnt.
On the basis of credible information of sales tax evasion by three companies, the Directorate of Intelligence & Investigation (Inland Revenue) conducted action under section 38 and section 40 of the Sales Tax Act, 1990 on the business premises of these taxable persons on December 5.
Two companies M/s Punjab Aluminum Extrusion and M/s Al-Madina Dyeing and Finishing have been accused of involvement in making taxable supplies without getting registration under the Sales Tax Act, 1990 despite the fact that both these taxable persons are liable to be registered for the purpose of sales tax. Making taxable supplies without registration is a criminal offence under section 2(37) of the Sales Tax Act, 1990 and liable to prosecution under section 37A of the Sales Tax Act, 1990.
M/s Real Aluminum Extrusion is a registered person under the Sales Tax Act, 1990 making taxable supplies of aluminium window/door fittings but it seems that the unit is allegedly found involved in evasion of sales tax by way of suppression of taxable supplies.
Action was completed under the supervision of Tariq Javed Deputy Director. The authorized team resumed substantive records, including computers, laptops, sales ledgers, purchase ledgers, cash books, gate passes, inventory record, cheque books, etc.
The record resumed is under scrutiny. Apparently, these are cases of massive sales tax evasion and may also result in detection of considerable income tax evasion.
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