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Sales Tax relating to Steel Sector

The Federal Government vide notification SRO 801(I)/2012 dated 30.06.2012 has amended the Sales Tax Special Procedure Rules, 2007 relating to steel sector. It may be recalled that sales tax on steel melters/re-rollers was increased from Rs.6/- to Rs.8/- in the budget for 2012-13 through notification SRO 592(I)/2012 dated 01.06.2012. The rate has now been reduced…

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SEMINAR ON ‘PUNJAB SALES TAX ON SERVICES ACT, 2012 AT LCCI.

LCCI has organized a seminar on Punjab Sales Tax on Services Act, 2012 on Friday 20th July, 2012  at 09:30 AM at Amin Hall,  Lahore Chamber of commerce & Industry Building, Shahra-e-Aiwan-e-Tijarat, Lahore. You are cordially invited to attend the subject seminar. Mr. Iftikhar Qutab, Chairman Punjab Revenue Authority will be the Chief Guest / Speaker of the…

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WITHDRAWAL OF CONDITION OF MENTIONING COMPUTERIZED NATIONAL IDENTITY CARD (CNIC) NO. ON SALE INVOICES.

FBR has issued two notifications SRO 879(I)/2012 and 880(I)/ 2012 both dated 17.07.2012. Vide these notifications, the condition of mentioning of computerized NIC No. on the sale invoices has been withdrawn with retrospective effect. It means that the condition of mentioning the NIC on the invoices never existed. However, it is very important to point…

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Latest Updates

The Federal Government in supersession of earlier announced amnesty scheme notified vide SRO 563(I)/2012 dated 25.05.2012 announced a new amnesty scheme vide SRO 606(I)/2012 dated 01.06.2012 for payment of any amount of sales tax or federal excise outstanding on account of illegal adjustment of input tax credit,  refund, drawback or rebate due to any reason….

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SRO 751(I)/2012

Vide SRO 751(I)/2012 dated 18.06.2012 an amendment has bee made by the Federal Government in SRO 522(I)/2012 dated 21.05.2012 extending date for payment of duty and taxes without payment of penal surcharge in respect of un-cleared overstayed bonded goods up to 30th June, 2012. Whole amount of penal surcharge has been waived off till 30.06.2012.

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SRO 548(I)/2012

Government has extended the amnesty schemes of Sales Tax allowed under SRO 548(I)/2012 and SRO 606(I)/2012 till 30th June, 2012. These schemes were otherwise expiring on 25th of June. Similarly, amnesty scheme of income tax under SRO 547(I)/2012 has also been extended till 30th June. Published on June 24, 2012 in Sales Tax. Closed Vide…

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Amnesty Scheme for payment of Sales Tax

The Federal Board of Revenue has announced amnesty scheme for payment of any amount of sales tax or federal excise outstanding on account of illegal adjustment of input tax credit, adjustment, refund. drawback or rebate due to any reason. Whole amount of default surcharge and penalty shall be waived off, if the principal amount is…

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Updates

Federal Government has issued a notification SRO 564(I)/2012 dated 26.05.2012 to amend its notification SRO 647(I)/2007 dated 27.06.2007. Now a taxpayer registered as wholesaler shall not be allowed to adjust input tax in excess of ninety per cent of the output tax for that tax period. However, this facility will be still available to distributors…