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 and 100%
of the input tax will be available to them for adjustment. It is pertinent
to mention that wholesale-cum-retail stores will not be effected by this
amendment and they will also adjust their 100% input tax against their
output tax.