The Federal Revenue Board (FRB) issued S.R.O.1290(I)2019 dated October 30, 2019
Through aforementioned SRO, FBR made following amendments in the SRO 1190/(I)2019 of October 2, 2019.
In addition to the Ten(10) sectors identified in previous SRO 1190/(I)2019, following sectors are added for whom limit of 90% of output tax will not be applicable.
“11. CNG dealers provided the value of natural gas on which sales tax is charged on the basis of value notified by the Federal Board of Revenue exceeds 50% of value of all taxable purchases in a tax period.
- Petroleum dealers of licensed oil marketing companies.”
Further, for “Wholesalers of Yarn” the limit of input adjustment has been prescribed at 95% of the output tax for that tax period with excess amount to be carried forward to next tax period.