M/s Standard Enterprises penalized for under-invoicing

M/s Standard Enterprises penalized for under-invoicing

KARACHI: Collector Customs Adjudication Dr. Shazia Ikram has penalized M/s Standard Enterprises Pvt Ltd Faisalabad for mis-declaring the value of imported tyres and tubes to evade government revenue. Directorate of Post Clearance Audit (PCA) Karachi has served contravention on M/s Standard Enterprises importing tyre and tube from India for evading government’s legitimate revenue to the tune of Rs65.34 million through under-invoicing. They had imported declared to be “tyres and tubes, with or without flaps of different brands” of Indian origin, under different sub heads of PCT heading 4011. In these cases, the assessment has been made as per Valuation Ruling applicable at the time of import. However, in pursuance of information that the group under invoicing is being carried out, the matter was investigated taking into consideration the official website (www.iceqate.qov.in) e-commerce portal central board of excise and customs. It was found that the importer had deliberately concealed the actual transaction value of the goods in order to escape the legitimate duty and taxes. Collector Adjudication Dr. Shazia Ikram established the charges against M/s Standard Enterprises and ordered recovery of evaded amount of Rs65.348 million and also imposed a penalty of Rs2.0 million on the importer.
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