Sales Tax Act 1990 Archives - Page 23 of 32

List of items for sales tax on retail printed prices

August 6, 2021August 6, 2021Hamza Shahnawaz

The Federal Board of Revenue (FBR) has updated the list of items on which the sales tax will be collected on the basis of printed retail price. The sales tax at the rate of 17 per cent on the retail printed price shall be applicable for tax year 2021/2022. The items are included in the […]

Tax on sugar retail sale to be imposed from December 01

August 5, 2021January 7, 2024Faisal Shahnawaz

The Federal Board of Revenue (FBR) has announced the deferral of the imposition of sales tax on the retail sale of sugar until December 1, 2021.

FBR redefines Tier-1 retailers for integration

July 26, 2021January 8, 2024Mrs. Anjum Shahnawaz

The Federal Board of Revenue (FBR) has redefined Tier-1 retailers, making it mandatory for them to integrate sales data on a real-time basis.

Retailers accepting debit, credit cards payment to be treated as Tier-I

June 22, 2021June 22, 2021Mrs. Anjum Shahnawaz

ISLAMABAD: The Federal Board of Revenue (FBR) will bring more retailers into sales tax ambit after the proposal made through Finance Bill, 2021 related to Tier-I retailers. Tier-I retailers are commonly known for having huge volume sales and operating in a mall, air conditioned environment etc. Sources in the FBR said that retailer receiving payment […]

Wholesaler defined under Sales Tax Act

February 13, 2021February 13, 2021Mrs. Anjum Shahnawaz

Sales Tax Act, 1990 has defined the word ‘wholesaler’ for the purpose of levying tax on supply of goods. Sales Tax Act, 1990 – updated up to June 30, 2020 issued by the Federal Board of Revenue (FBR) – explained the word ‘wholesaler’ as: “Wholesaler” includes a dealer and means any person who carries on, […]

Value of supply defined for applying sales tax

February 12, 2021February 12, 2021Mrs. Anjum Shahnawaz

Sales Tax Act, 1990 has defined “value of supply” in respect of taxable supply, as the consideration in money including all federal and provincial duties and taxes, if any, which the supplier receives from the recipient for that supply. The Sales Tax Act, 1990 updated up to June 30, 2020 issued by the Federal Board […]

Sales tax law explains ‘time of supply’

February 10, 2021February 10, 2021Mrs. Anjum Shahnawaz

Sales Tax Act, 1990 has explained ‘time of supply’ for collection of sales tax. The Sales Tax Act, 1990 [updated up to June 30, 2020 issued by the Federal Board of Revenue (FBR)] explained the term as: “Time of supply”, in relation to,– (a) a supply of goods, other than under hire purchase agreement, means […]

Who are Tier-1 retailers under Sales Tax Act?

February 10, 2021February 10, 2021Mrs. Anjum Shahnawaz

The term ‘Tier-1 retailer’ was introduced through Finance Act, 2017 by inserting relevant clause into Sales Tax Act, 1990. All Tier-1 retailers are required to integrate all their Point of Sales (POSs) with computerized system of the Federal Board of Revenue (FBR). The Sales Tax Act, 1990 (updated up to June 30, 2020 issued by […]

What is tax fraud?

February 9, 2021February 9, 2021Mrs. Anjum Shahnawaz

Sales Tax Act, 1990 has defined ‘tax fraud’ as doing of any act knowingly without lawful excuse. The Sales Tax Act, 1990 [updated up to June 30, 2020 issued by the Federal Board of Revenue (FBR)] explained ‘tax fraud’ as: “Tax fraud” means knowingly, dishonestly or fraudulently and without any lawful excuse (burden of proof […]

Sales Tax Act defines ‘supply’

February 9, 2021August 9, 2021Mrs. Anjum Shahnawaz

Sales Tax Act, 1990 has explained the word ‘supply’ for the purpose of imposition and collection of tax. The Sales Tax Act, 1990 [updated up to June 30, 2020 issued by the Federal Board of Revenue (FBR)] has defined the word ‘supply’ as: “Supply” means a sale or other transfer of the right to dispose […]

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