KARACHI: The Directorate of Customs Post Clearance Audit has detected duties and tax evasion of Rs7.45million committed by M/s Rex Traders on Saturday, it is learnt here.
Sources told Customs Today that M/s Rex Traders imported a consignment of electronics including AC, fans, TV sets & others, and got them cleared from the PICT Karachi vide GDs on September 15, 2017 by paying customs duty at 10 percent after claiming the benefit of the SRO 569/2007.
However the subject items were correctly classifiable under the PCT 2514.2148 attracting customs duty at 14 percent and income tax at 12 percent, thus, by way of mis-declaration of classification, the company evaded/short-paid Rs7.45million. The goods were cleared by Head Examiner Najeeb Alam.
Sources told CT that the importer violated the provisions of Section 89 (2) & (2-A) of the Customs Act-1969, Section 25 read with Section 66 of the Sales Tax Act-1990 and Section 95 of Income Tax Ordinance-2001 punishable under clauses (24) and 245 of Section 478(5) of the Customs Act-1969, Section 78 of the Sales Tax Act-1990 and Section 25 & 478 of Income Tax Ordinance-2001 and Section 7-A of the Sales Tax Act-1990 read with chapter X of the Sales Tax Special Procedure Rules 2007 (Special procedures for payment of sales tax by the importers) and under relevant provisions of Income Tax Ordinance-2001.
It is necessary to mention here that the Post Clearance Audit has unearthed a number of cases during the last month of February 2018.
