FAISALABAD: The Customs Collectorate audit cell detected duty and tax evasion of worth Rs481,494 by M/s Bismillah Textile Limited on import of raw material.
Sources told Customs Today, that Customs Collectorate during the course of audit for the year 2012-13 w observed that M/s Bismillah Textile Ltd imported raw material of agro printed chemical, Kurarey PVA worth Rs9,629,885 under SRO 327(1)/2008 dated 29-03-2008 and got it cleared without payment of customs duty and taxes, federal excise duty, sales tax and income tax despite the fact that no exemption of income tax was available under SRO ibid.
This omission caused a loss of Rs481,494 to the government exchequer which is recoverable from the importer along with additional duty and taxes if leviable.
That company law contravened of violation of SRO 327(1)/2008 read with section 148 of Income Tax Ordinance 2001 punishable under section 156(1)(1) of the Customs Act 1969.
