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…
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…
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 Vide these notifications, the condition of mentioning of computerized NIC No. on the sale invoices has been withdrawn with retrospective effect.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…
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….
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…
The Federal Board of Revenue has extended period of warehousing till 15.06.2012 vide SRO 522(I)/2012 dated 21st May, 2012. Importers can remove their warehoused goods without payment of penal surcharge during 21.05.2012 to 15.06.2012 on payment of leviable duty and taxes only
The Federal Board of Revenue has announced amnesty scheme for payment of any amount of sales tax or federal excise outstanding on account of any audit observation, audit report, show cause notice or any adjudication order, or who has failed to pay any amount of sales tax or federal excise duty or claimed inadmissible input…
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…
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…
The scheme of zero rating of five sectors as was previously available under SRO 283(I)/2011 dated 1st April, 2011 has been restored by superseding SRO 1012(I)/2011 dated 4th November, 2011 vide SRO ____(I)/2011 dated 23rd November, 2011. This notification has been made effective from 04.11.2011.
