KARACHI: The Directorate of Customs Post Clearance Audit has detected duties and tax evasion of Rs 11.58 million by M/s Ishtiaq M Traders Karachi, it is learnt here.
Sources told Customs Today that M/s Ishtiaq M Traders Karachi imported a consignment of used LED monitors, and different types of computer parts, and got it cleared from the PICT Karachi vide GDs on November 18, 2017 by paying customs duty at 8 percent after claiming the benefit of the SRO 560/2007.
However, the subject items were correctly classifiable under the PCT 2409.3248 attracting customs duty at 12 percent and income tax at 10 percent, thus, by way of mis-declaration of classification, the company evaded/short-paid Rs 11.58 million. The goods were cleared by Head Examiner Shamsuddin.
Sources told that the importer violated the provisions of Section 39 (5) & (8-A) of the Customs Act-1969, Section 19 read with Section 32 of the Sales Tax Act-1990 and Section 146 of Income Tax Ordinance 2001 punishable under clauses (244) and 142 of Section 441(9) of the Customs Act-1969, Section 86 of the Sales Tax Act-1990 and Section 89 & 178 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.