KARACHI: The Collectorate of Customs Adjudication-I has issued a show-cause notice to M/s Stream Trading International for tax evasion of Rs 452,080 for under invoicing.
According to details, on scrutiny/audit of import data it has been found that M/s Stream Trading International, Karachi, imported “A1-34Q-34S Blender SMTHR13 240V QB7D 2.2 QT J2 SL EU & A1-34Q-34S Blender SMTHR13 Xpress 240V EU” under PCT heading 8509.8000 through MCC Preventive, Customs House, Karachi at a unit value of US$ 97.0 per piece from United States.
It is evident from the history of the importer that a case of under valuation of the identical item from the same supplier and origin i.e. “Blendtec, a division of K Tec USA” has been found and adjudicated vide Order-in-Original No. ONO – 133222 – 02102013 on the basis of invoice found in the container at the time of examination, showing unit value at the rate of US$ 718.48 per piece and the goods were adjudicated, assessed and cleared by the importer on the found value. The difference of declared and found value is to the extent of approx 640 percent, when freight is added in the fob value found from the container.
The import by M/s Stream Trading International Karachi, vide above mentioned Goods Declaration (GD) was also made from the same supplier and from the same origin, therefore, it is also under invoiced in the same way. M/s Stream Trading International, Karachi. were required to pay Custom Duty and other taxes at the ascertained unit value of US$ 718.48 per piece considering under invoicing to the extent of 640 percent. This has resulted in short levy of Rs. 212,911/- in Custom Duty, Rs. 156,380/- in Sales Tax, Rs. 27,596/- in Addl Sales Tax and Rs. 55,193/- in Income Tax. Total short levy of Rs. 452,080/- The importers are directed to deposit the short levied amount in the national exchequer within 10 days with intimation to this office.
