KARACHI: The Directorate of Customs Post Clearance Audit has detected duties and tax evasion of Rs 8.68 million by M/s Khyber Steel Karachi, it is learnt.
Sources told Customs Today that M/s Khyber Steel imported a consignment of steel scrap, including (steel used crockery items) and got it cleared from the Port Qasim Karachi vide GDs on November 6, 2017 by paying customs duty at 12 percent after claiming the benefit of the SRO 562/2007.
However, the subject items were correctly classifiable under the PCT 2408.2147 attracting customs duty at 16 percent and income tax at 14 percent, thus, by way of mis-declaration of classification, the company evaded/short-paid Rs 8.68 million. The goods were cleared by Head Examiner Usman Basheer.
Sources said that the importer violated the provisions of Section 42 (6) & (4A) of the Customs Act-1969, Section 16 read with Section 72 of the Sales Tax Act-1990 and Section 48 of Income Tax Ordinance 2001 punishable under clauses (148) and 172 of Section 478(6) of the Customs Act-1969, Section 78 of the Sales Tax Act-1990 and Section 27 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 Post Clearance Audit has detected a number of cases during last month of February 2018.
