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 paid till 25.06.2012. Taxpayer will also be entitled to claim refund of the amount paid under this amnesty scheme in consequence of a favourable decision. This amnesty is different from the amnesty announced previously vide SRO 548(I)/2012 as the cases of tax fraud or fraudulent refunds are also covered under the new amnetsy.