Monday , July 23 2018
Breaking News
Home / Karachi / Tax evasion of Rs9.22m committed by M/s Super Basmati Rice Karachi unearthed
Tax evasion of Rs9.22m committed by M/s Super Basmati Rice Karachi unearthed

Tax evasion of Rs9.22m committed by M/s Super Basmati Rice Karachi unearthed

KARACHI: The Directorate of Customs Post Clearance Audit has detected duty and tax evasion of Rs9.22million committed by M/s Super Basmati Rice Karachi, it is learnt here.

Sources told Customs Today that M/s Super Basmati Rice Karachi imported a consignment of various kinds of rice (Includeing Karnal Special Quality) and got it cleared from the Port Qasim Karachi vide GDs on December 22, 2017 by paying customs duty very low at eight percent after claiming the benefit of SRO 562/2007.

However the subject items were correctly classifiable under the PCT 2478.2506 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 Rs9.22million. The goods were cleared by Head Examiner Sultan Qadeer.

Sources further told CT that the importer violated the provisions of Section 62 (9-A) of the Customs Act-1969, Section 28 read with Section 27 of the Sales Tax Act-1990 and Section 36 of Income Tax Ordinance 2001 punishable under clauses (148) and 48 of Section 254(9) of the Customs Act-1969, Section 89 of the Sales Tax Act-1990 and Section 12 & 69 of Income Tax Ordinance 2001 and Section 9-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 said here that the Post Clearance Audit will detect a number of cases during current month of March.