KSRM Steel evades Tk 231 crore VAT

Staff Correspondent

18 July, 2021 12:00 AM printer

Chattogram: Chattogram Customs, Excise and Vat Commissionerate revealed an incident of evading value added tax (VAT) amounting to Tk 231.16 crore by the steel manufacturer ‘KSRM Steel’ recently.

It is the highest amount of VAT evaded by a company so far.

Sources said on information, a team of the Commissionerate raided the office of KSRM Steel Plant Limited in Sitakunda upazila of the district on June 26 and seized some documents and CPUs of computer.

Scrutinising the seized items, the team revealed that the company evaded an amount of Tk 85.29 crore against supply of 1874376 tonnes of MS products in between July 2016 to May 2021.

Besides, the company did not submit any document regarding payment of VAT at source in between January 2017 to May 2021 in return.

An amount of Tk 145.87 crore also remained unpaid as the VAT at source against purchase of 1997887 tonnes of the raw materials.

So, the investigation revealed the incident of total tax evasion amounting to Tk 231.16 crore by the company, said the sources.

A case has also been filed against the company under VAT act, they said.

Customs, Excise and VAT Commissionerate, Chattogram Commissioner Mohammed Akber Hossain said the company had been evading VAT since long.

A show-cause notice will be issued to them soon to place their statement, said the commissioner. If they are found guilty, they will have to pay fine equal to the amount evaded and applicable interest, he added.