ISSUING AUTHORITY: FEDERAL BOARD OF REVENUE
POWERS EXERCISED U/S: 8B(4) & PROVISO TO SUB-SECTION 1 OF STA, 1990
NOTIFICATION NO: SRO. 344(I)/2020
DATE OF ISSUANCE: APRIL 29, 2020
EFFECTIVE FROM: WITH IMMEDIATE EFFECT (i.e. APRIL 29, 2020)
AMENDMENTS MADE IN: SRO 1190(I)/2019 DATED OCTOBER 2, 2019
COMMENTARY:
Earlier FBR has issued SRO 1190(I)/2019 dated October 2, 2019 relating to application of section 8B of Sales Tax Act, 1990 which limits the input tax amount to be adjusted for “Retailers importing goods in bulk and operating chains of stores” during a period to 95% of the output tax for that period and the excess is carried forward to the next tax period.
Through this notification, the entry relating thereto is substituted and now this relaxation is only available to Tier-1 retailers who have integrated all their POSs with the FBR. The new entry is to be read as follows;
Existing | Substituted |
Retailers importing goods in bulk and operating chains of stores | All Tier-1 retailers who have integrated all their POSs with the BOARD in terms of Chapter XIV-AA of Sales Tax Rules, 2006. |
LINK OF DOCUMENT: 2020429134820294SRO344OF2020DATED29.04.2020–AMENDMENTINSRO1190OF2019
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