Federal Government has made certain amendments in SRO 568(I)/2014 dated 26.06.2014 through SRO 1055(I)/2015 dated 30.10.2015. Regulatory duty @ 10% has been imposed on “Cotton yarn and fabric” falling under the following chapters of the Pakistan Customs Tariff: (i) 52.05 (ii) 52.06 (iii) 52.07 (iv) 52.08 (v) 52.09 (vi) 52.10 (vii) 52.11 (viii) 52.12 This…
Federal Board of Revenue has issued SRO ____ (I)/2014 dated 31.03.2014 fixing value of supply of CNG to CNG stations. By virtue of this notification, value for charging sales tax by gas distribution companies on supplies to CNG station will be the consumer price of CNG as notified by OGRA (Oil and Gas Regulatory Authority)…
NOTIFICATION (Income Tax) SRO. 1035(I)/2013 Newly inserted section 165A by the Finance Act, 2013 makes it mandatory for the bank to furnish the following information:- (a) a list containing information regarding deposits amounting to one million rupees or more during the preceding month; (b) information regarding payments made in respect of credit card exceeding or…
Vide SRO 492(I)/2015 dated 30.06.2015, confusion regarding exclusion of section 8B in case of zero rated supplies has been removed. The supply charged to reduced rate under notification 1125(I)/2011 have been excluded / exempted from the provisions of section 8B, provided that value of such supplies exceeds 50% of the total sales.
Certain amendments have been made in the Sales Tax Rules 2006 vide SRO 494(I)/2015. Some of the important changes are as under: i) New rules for registration, de-registration, suspension and blacklisting etc. have been issued. The concept of biometric verification of applicants has been introduced along with other changes e.g. GPS-tagged photographs of the business…
Vide SRO 720(I)/2015 dated 31.07.2015 Federal Government has made changes in SRO 383(I)/2015 dated 30.04.2015 to change rate of sales tax for petroleum products w.e.f. 01.08.2015. New rates are as under: Sr. No. Description Previous Rate of Sales Tax New Rate of Sales Tax 1 Motor Spirit 17% 20% 2 HOBC 17% 17% 3 Kerosene…
Federal Government vide SRO 719(I)/2015 dated 31.07.2015 has directed that rate of sales tax on supply of electricity exclusively produced through High Speed Diesel will be the same as is applicable on supply of High Speed Diesel at that day. It means that electricity so produced shall be liable to payment of sales tax @…
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…
Vide SRO 492(I)/2015 dated 30.06.2015, confusion regarding exclusion of section 8B in case of zero rated supplies has been removed. The supply charged to reduced rate under notification 1125(I)/2011 have been excluded / exempted from the provisions of section 8B, provided that value of such supplies exceeds 50% of the total sales.
