Officials of Inland Revenue Office (IRO) Sector 1 had conducted sudden inspection of the outlet earlier on the day as a part of their routine market inspection. "But our inspection showed the trader was operating with loose bills and had not issued VAT bill. Its stock also did not match with the documents," a source told myrepublica.com, adding that it was a clear case of VAT evasion.
IRO has stated that the extent of anomalies and tax evasion would be ascertained only after it goes through the seized documents and cross-verifies the stock. If found guilty, the distributor will be slapped VAT and fines as per the VAT Act.
Revenue offices have continued to intensify market inspection and maintain tight knots against tax evaders over the last few months. Because of activities like strong presence of revenue officials in market, the government has managed to post a whopping 52 percent growth in revenue collection in the first month of the current fiscal year. The collection had exceeded the targeted growth rate by 20 percent during the month.
IFB´s new-for-old exchange offer
KATHMANDU, Sept 2: Sagtani Exim Pvt Ltd, the sole importer of IFB products for Nepal, has unveiled the IFB for any Electronic Dashain exchange offer.
Sagtani Exim said in a statement Wednesday that during the campaign period, it will exchange any old electronic appliance of any brand for a new IFB home appliance.
According to the statement, Sagtani will accept the old appliance no matter what condition it is in. The current range of IFB appliances on offer include microwave ovens (with free recipe books), front loading washing machines, 100% clothe dryers and dish washers.
"IFB products come with the highest quality standards, excellent after sales service, innovative technology and with affordable price ranges," the statement reads.
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