Change in the rate of sales tax applicable to retailers and specification of Special Procedure for Payment of Sales Tax by the Marble Industry
SRO 488(I)/2016 dated 30.06.2016 has been issued to allow retailers to pay sales tax @ 2% of their total turnover instead of 17% at present payable/chargeable. The retailers are required to give option to pay tax @ 2% to the Chief Commissioner concerned by 15th day of July, 2016. The total turnover, on which the tax is to be paid, will include turnover from exempt supply as well.
Through another amendment vide SRO 488(I)/2016, Special Procedure for Payment of Sales Tax by the Marble Industry has been specified. The industry has been subjected to tax on the basis of electricity unit consumed @ one rupee and twenty five paisa per unit of electricity consumed and the tax will be recovered by respective distribution company. However, in case the respective company does not recover the tax through monthly bill, the respective unit will be required to pay tax on the basis of this rate. If a marble unit exports more than 50% of its production/supplies, this rate will not be chargeable on such unit.