FAISALABAD: The Model Customs Collectorate (MCC) Faisalabad Audit Officer for the year 2014-15 conducted an audit through tax evasion of Rs1.6million allegedly by M/s Bilal Textile Jaranwala Road Khurianwala imposed a recovery on the said company.
Sources told Customs Today that, according to rules 358 read with Rules 361 and 362 of SRO 450(1)/2001, if any licensee fails to give a proper account of the warehouse goods and finished goods to the satisfaction of an officer of customs not below the the rank of deputy collector then he is liable to pay recovery. It was observed that M/s Bilal Textile was allowed consumption of duty free raw material for manufacturing of output goods in SQMs as per analysis card. But it couldn’t account for the output goods in SQMs.
Resultantly, taxable duty and taxes of Rs1.6million on input duty free goods for unaccounted quantity of output goods are required to be recovered from bonder. The contravention report is submitted to the deputy collector Bonds MCC Faisalabad for onward Submission to the additional Collector of Customs Adjudication Collectorate for further legal action.
