Introduction
Federal Board of Revenue issued Notifications ref: SRO 253(1)/2019 dated Feb 26, 2019.
Commentary
A new chapter named as “Chapter XV” in sales tax (special procedure Rules) have been introduced after renumbering Rules 59 & 60 as 58U & 58V. The new chapter will be named as “Special Procedure for Sales Tax on Cottonseed oil expelled by Expelling mills and composite units of Ginning and Expelling”. The chapter states Rules for “Application”, “Scope & Levy of tax”, “mode, manner and rate applicable for payment of sales tax”, “monthly statement”, “notice to be given by the ginning unit” and “Final statement to be furnished by the ginning unit”.
The amendment is a result of declaring SRO 188(1)/2015 dated March 5, 2015 to be “unltra vires” by the Lahore High Court and upheld by the Supreme Court of Pakistan for issued with approval of Federal Cabinet. The said SRO provided Special procedure for payment of sales tax on cottonseed oil and to exempt cottonseed oil cake from payment of sales tax.
Link of Document(s)
