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FBR seeks details of steel mills, re-rollers involved in sales tax adjustment

FBR seeks details of steel mills, re-rollers involved in sales tax adjustment

ISLAMABAD: Federal Board of Revenue (FBR) has sought details from all the field formations of those steel mills and steel re-rollers which are involved in sales tax adjustments, it is learnt here.

Sources told Customs Today the board has detected that some steel manufacturers are involved in malfunctioning of sales tax adjustments on which the board has taken notice and issued directives to all field formations to provide details of those steel manufactures which are involved in the adjustment of sales tax paid on the import of raw material and scrap and on electricity consumption, sources confirmed.

Sources also said that the board has received report from Regional Tax Office (RTOs) Gujranwala in which the field formations have provide details of at least 50 steel manufactures which are involved in tax evasion in the terms of sales tax adjustment where these manufacturers have got adjusted from 9.47% to 76.02 %.

Sources said that according to report sent by RTO Gujranwala the steel manufacturer named M/s Ashraf and Sons has got 76.02 % of sales tax adjustment on electricity consumption while A.R steel Industries, Ramzan Steels, M/s K.M Steels, M/s Islamabad Steel Furnace and M/s Sungam Steel Mills also involved in the sales tax adjustment fraud, sources added.