BUSINESS

51000 registered firms have not paid tax

Posted 2 weeks ago by Rabindra Ojha

The main source of tax for a country is Value Added Tax (VAT). According to Internal Taxation Department, about 51 thousand (about 30 %) firms have not paid the VAT.

According to VAT Act 2052, statistics show that around 1 lakh 70 thousand professional firms have been registered in VAT department till date. Though they are registered, a large number of firms have not paid VAT. The department of VAT says that the main reason for this is some of the firms are closed or financially inactive for years.

The large number of firms is seen because they are not excluded from the list even though they are inactive, says Dhaniram Sharma, the speaker of VAT department. He added that the inactive firms will be removed from list by following the necessary process.

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