MULTAN: The Customs Adjudication Multan will hear the mis-declaration case of Rs 5.437 million of Ahmad Industries on June 25, 2015 in the import of high carbon steel wire rod.
Ahmad Industries (Pvt) Limited imported a consignment of 141.392 metric tons of high carbon steel wire rod. Ahmad Industry (Pvt) Limited claimed its import under PCT Heading 7213.9190 at the rate of 10 percent customs duty. Under the FTA certificate, Ahmad Industries (Pvt) Limited has declared the imported goods of worth Rs 3.926 million under SRO 659(i)/2007.
The importer Ahmad Industries claimed exemptions of customs duty under SRO 659(i)/2007 at the applicable rate of 5 percent. The customs duty and regulatory duty of 15 percent was paid during the import of high carbon steel wire rod wire.
During examination of tag attached with the import goods, the chemical composition of the ratio of boron has been found as 0.0015 percent. The ratio of boron found in the chemical examination was 0.0020 percent.
Alloy steel wire rod in customs tariff is classified and exists under PCT Heading 7227 .9000 in which customs duty of @ 20% is payable, Regulatory duty payable @15 % but the Ahmad Industries Khanewal and the clearing agent declared a false declaration of description and claimed a wrong PCT heading attracting lower rate of customs duty to evade customs duty and other chargeable taxes.
The payable amount of all taxes during the import of high carbon steel wire rod includes customs duty@ 20%, regulatory duty @15% sales tax @ 17% and income tax @ 5.5 % which becomes almost the Rs.5.437 million.
Meanwhile the importer and clearing agent has committed an offense under sub section (1) and (2) of section 32 of the customs act 1969 along with sales tax act 1990 and section 148,161(2) of the income tax ordinance 2001. It is punishable under clause 1 and 14 of the section 156 of the customs act 1969, section 33 and 34 of the sales tax act 1990 for the recovery of evaded tax amount Rs.5.437 million.
Collector Customs Adjudication Saleem Akhtar Ranjha will hear the mis declaration case of Ahmad Industries Khanewal on 25th June , 2015 for further proceeding of the case formed by the Multan Dry Port authorities.
