The Directorate of Intelligence & Investigation (Inland Revenue) Lahore has detected sales tax evasion worth billions of rupees by a reputed company. The company had issued illegal credit notes of huge amounts in Annexure-C of the sales tax returns without corresponding debit notes from the buyers. In this way, the company suppressed output tax to reduce its sales tax liability for the tax periods in which illegal credit notes were issued and thus deprived the national exchequer from due tax revenue.
Source: fbr.gov.pk
