VAT Audit, Intelligence and Investigation Directorate has filed separate cases against three companies in Comilla city for evading VAT worth Tk4.15 crore.
Through an investigation, the VAT Intelligence team has unveiled secret information about the sale of goods worth around Tk26.67 lakh.
The companies are Banoful & Company, Bhatpara Kishwan Snacks Limited and Farid Fiber & Weaving Limited in BSIC Industrial City.
Among them, Kishwan Snacks and Banoful & Company produce sweets and bakery products and supply them all over the country. Both of the companies belong to the same owners.
In addition, Farid Fiber & Weaving Limited manufactures marine nets and ropes.
Moinul Khan, the director-general of the VAT Intelligence said: “The case has been sent to three concerned Comilla VAT Commissionerate for recovery of evaded revenue. At the same time, the concerned VAT commissioner has been requested to further monitor the activities of the companies.”
According to VAT intelligence sources, a team led by Deputy Director of VAT intelligence Munawar Mursalin conducted the raid on the three institutions on January 17 on the basis of specific allegations of VAT evasion.
There, VAT detectives collected evidence of VAT evasion. Besides, other sales invoices and sales registers including computers used in the organization were also seized.
After checking and sorting all the documents, the investigation shows that Kishwan Snacks hid the sales information of Tk5.82 crore from January 2018 to December 2020. The amount evaded VAT is Tk1.61 crore. According to the VAT law, a 2% monthly interest on the missing VAT equates to Tk97.29 lakh.
It is also learned that Banoful & Company showed a lower selling price of Tk3.19 crore in the submission form in January and December 2021.
Where the applicable VAT is Tk41.86 lakh and the interest is Tk2.83 lakh.
Meanwhile, according to the documents seized from Farid Fiber & Weaving Limited in January 2020 and last December, they hid the information about the sale of Tk7.83 crore. Where VAT is Tk1.2 crore and interest is Tk9.79 lakh.
