Federal Board of Revenue has selected 75,871 cases for audit in respect of Sales Tax, Income Tax and Federal Excise. These cases are selected for the tax year 2014 (July-2013 to June-2014) through computer ballot. The Audit Policy and list of selected cases can be found on the following link http://akhtarali.com/federal-board-of-revenue/
Vide SRO 738(I)/2015 dated 31.07.2015, Federal Government has made amendments in Chapter-II (Special Procedure for Payment of Sales Tax by Retailers) of the Sales Tax Special Procedure Rules, 2007. Criteria for registration of retailers was changed through SRO 608(I)/2014 dated 02.07.2014 and retailers and trade bodies were consistently opposing the same. Now FBR has amended…
Federal Board of Revenue vide its letter C. No. 3(9)ST-L&P/2010-112693 dated 17.08.2015 has extended the date of submission of return up to 21.08.2015. However, date of payment of sales tax has not been extended. The date of payment for the month of July-2015 shall remain the same as 17.08.2015 (15.08.2015 and 16.08.2015 were falling on…
Federal Government vide its notification No. SRO 837(I)/2015 dated 25.08.2015 has exempted whole amount of sales tax on supply of ‘Wheat Bran’ classified under heading 2302.3000.
Vide SRO565(I)2014 dated 26.06.2014, substantial changes have been made in SRO565(I)2006 dated 5th June 2006. Number of items eligible to concessionary rate of duty has been reduced to 59. The previous SRO covered more than 157 items. Treatment of each concession may be individually examined and queries, if any, may be raised. Main features of…
Vide SRO 188(I)/2015 dated 05.03.2015 Federal Government has introduced Chapter XV ” Special Procedure for Sales Tax on Cottonseed Oil Expelled by Oil Expelling Mills and Composite Units of Ginning and Expelling” in the Sales Tax Special Procedure Rules, 2007. Salient features of the rules are as under: 1- Sales tax shall be levied @…
Federal Government vide its notification No. SRO 254(I)/2015 dated 30.03.2015 imposed 25% regulatory duty on import of wheat, Wheat Flour(Aatta), Maida and Semolina (Suji). Previously only import of wheat was subjec to 20% regulatory duty on its imports.
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 has amended its notification SRO No. 383(I)/2015 dated 31.04.2015 through SRO 470(I)/2015 dated 31.05.2015. Rate of sales tax on petroleum products w.e.f. 01.06.2015 shall be as under: Rate of Sales Tax S. No Product Description Old Rate of Sales Tax New Rate of Sales Tax 1. Motor Spirit 20% 19% 2. High Speed…
Federal Government has issued a notification No. SRO____/(I)/2014 dated 26.01.2014. Through this notification Federal Government has notified that input tax paid on services liable to provincial sales tax shall be treated as input tax for the purposes of the Sales Tax Act, 1990. This notification has been made effective from 01.07.2013. Issuance of this SRO…
