Federal Government vide SRO383(I)/2015 dated 30.04.2015 has again revised rate of sales tax on import and local supply of petroleum products. These rates have been made effective from 01.05.2015. New rates and previous rates are as under: Sr. No. Description PCT Heading Rate of sales tax as on 30.04.2015 Rate of Sales Tax w.e.f. 01.05.2015…
Federal Government vide SRO 393(I)/2015 dated 30.04.2015 has imposed 7% regulatory duty on import of furnace oil falling under PCT heading 2710.1941. Previously import of furnace oil was subject to %5 regulatory duty on its imports vide SRO 132(I)/2015 dated 12.02.2015.
Federal Government has imposed regulatory duty on import of petroleum products vide SRO 392(I)/2015 dated 30.04.2015. The products and applicable rates of regulatory duty are as under: Sr. # Description PCT Heading Rate of Regulatory Duty (%) 1 Petroleum Crude Oil 2709.0000 2 2 Motor Spirit Oil 2710.1210 2 3 High Speed Diesel 2710.1931 2.5
Federal Government vide SRO 398(I)/2015 dated 08.05.2015 has directed that following goods shall be liable to payment of sales tax at reduced rate of %%: 1- Import of LNG for servicing CNG Sector, and 2- Fertilizer produced by using imported LNG. However, certain conditions with regard to retail price, apportionment of production and presentation of…
In recent weeks there is lot of discussion and debate as to what is the difference between Value Added Tax (VAT) and General Sales Tax (GST) in the context of Pakistan. The issue has further been confused by statements emanating from the government high ups who are insisting that VAT is to be introduced w.e.f…
