Internal Audit points out short-realization of Rs62.215 million
KARACHI: The Customs Internal Audit has made four observations in respect of MCC Appraisement West and pointed out short-realization of Rs62.215 million.
The Internal Audit has pointed out under valuation of medical item Canola, origin of Malaysia on 55 selected GDs cleared from July 01, 2013 to June 30, 2014. Discrepancy was found on non-application of mandatory Valuation Ruling No.616/2013 resulting in short levy of Rs18.033 million.
It has also been pointed out that M/s MSB medical imported consignments of I.V catheter from Korea, the item was cleared at $0.15 per piece without taking Valuation Ruling No.616/2013 which determined the value at $0.34 per piece resulting in short realization of duty & taxes to the extent of Rs12.49 million, which is recoverable from the importer.
Internal Audit observed that various consignments of different description of goods valuing Rs129.86 million falling under PCT 9020, 9025, 9026, 9027, 9031 and 9603 were allowed concessions under SRO 575(I)/2006, which was not admissible. Accordingly government suffered revenue loss of Rs42.9 million.
The Internal Audit has advised the Collectorate to either justify this short realization or effect the recovery.