KARACHI: Directorate of Post Clearance Audit (PCA) has directed the management of M/s Mudassar Iqbal and Company to pay short amount of Rs 2.6million along with fine.
Sources told Customs Today that during scrutiny of import data it was revealed that M/s Mudassar Iqbal and Company imported eight consignments of raw material used for manufacturing of fibre glass. Sources said that M/s Mudassar Iqbal and Company imported these consignments through their clearing agent M/s Zubair Logistics Company from January to March 2016. The company availed undue benefits and concessions by importing these consignments by showing wrong PCT heading.
After detecting the tax evasion Post Clearance Audit authorities directed the management of M/s Mudassar Iqbal & Company to deposit the evaded tax amount of Rs2.6 million along with fine of Rs1,20,000 within seven days. The PCA authorities said that if the company failed to clear outstanding amount then stern action will be taken against the above said company.
