Updates: SRO 179(I)/2013

Federal Government has issued SRO 179(I)/2013 dated 07.03.2013 granting amnesty against zero-rated supplies made to doubtful/ dubious registered persons. If a registered person who has issued zero-rated invoice and credentials of his buyers are doubtful, the registered person through a special return, may pay sales tax @2% against such invoices. No default surcharge and penalty will be attracted, if these payments are made on or before 31.03.2013.

Federal Board of Revenue has issued a clarification in respect of amendments made in SRO 1125(I)/2011 dated 31.12.2011 through SRO 154(I)/2013 dated 28.02.2013 vide its letter C. No. 1(140)C(RGST)/2011 (Pt-II) dated 07.03.2013. Board has clarified that in case of supplies of yarn sales tax will be charged @ 2% whether these supplies are being made to registered or unregistered person. Board has further clarified that sales tax paid @2% is adjustable / refundable against output tax.