Sales Tax Act 1990 Archives - Page 26 of 32

Tax Amendment Ordinance: consumer goods to be confiscated on failure to print retail price

January 2, 2020May 22, 2022Mrs. Anjum Shahnawaz

ISLAMABAD: Tax officials have been empowered to confiscate goods where importer / manufacturer failed to mandatory print the retail price on consumer goods. The government introduced Tax Laws (Second Amendment) Ordinance, 2019 on Wednesday through promulgated through presidential ordinance. Federal Board of Revenue (FBR) issued salient features of the ordinance and stated that penalty had […]

Amendment Ordinance: major changes made to ST law

January 1, 2020March 6, 2022Mrs. Anjum Shahnawaz

ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday issued salient features of amendment to Sales Tax Act, 1990 made through Tax Law (Second Amendment) Ordinance, 2019. Following are the salient features of sales tax: 1. Many queries have been received seeking clarification of the term “greenfield industry”. A definition of this term in section 2 […]

IR officers empowered to sell defaulters’ properties without attachment

November 22, 2019March 19, 2021Mrs. Anjum Shahnawaz

KARACHI: Officers of Inland Revenue (IR) have been empowered to sell moveable or immovable properties of sales tax defaulters for recovery of arrears. Section 48 of Sales Tax Act, 1990, which was updated up to June 30, 2019 by the Federal Board of Revenue (FBR) explained the powers of IR officers for recovery of arrears […]

Applicable withholding sales tax rates on various supplies

November 11, 2019March 19, 2021Mrs. Anjum Shahnawaz

KARACHI: Federal Board of Revenue (FBR) has notified withholding sales tax rates to be deducted / collected on various supplies by withholding agents. The FBR recently updated Sales Tax Act, 1990 and updated sales tax rates to be collected on various supplies under sub-section 7 of section 3 of the Act. The tax shall be […]

FBR withdraws 3pc value addition tax on imported consumer items

November 9, 2019February 15, 2021Mrs. Anjum Shahnawaz

ISLAMABAD: Federal Board of Revenue (FBR) has withdrawn three percent minimum value addition tax on import of consumer items on which sales tax is paid on retail basis. The FBR on Friday issued SRO 1321(I)/2019 and amended the Twelfth Schedule of Sales Tax Act, 1990 under which three percent minimum value addition sales tax has […]

No refund, input adjustment to be entertained on invoice issued prior or after of blacklisting

October 21, 2019March 21, 2021Mrs. Anjum Shahnawaz

KARACHI: Federal Board of Revenue (FBR) said invoices issued by a person prior or after blacklisting for sales tax will not be entertained for refunds or input adjustment. The FBR issued Sales Tax Act, 1990 updated till June 30, 2019 incorporating amendments brought through Finance Act, 2019. Section 21 of the Act explained blacklisting and […]

Sellers must retain CNIC information for six years

October 18, 2019March 21, 2021Mrs. Anjum Shahnawaz

ISLAMABAD: Sales tax registered persons selling goods are required to keep record of Computerized National Identity Card (CNIC) details for six years. Sources in Federal Board of Revenue (FBR) said that the condition of CNIC against sales of goods had been implemented from August 01, 2019. “All the details of CNIC must be maintained by […]

Tax officials empowered to recover short payment without notice

October 17, 2019March 21, 2021Mrs. Anjum Shahnawaz

KARACHI: Tax officials have been authorized to recover short payment of sales tax through freezing bank accounts of taxpayers without serving show cause notice. Officials in Federal Board of Revenue (FBR) said that the officers of Inland Revenue had been authorized to make recovery of short payment of sales tax as declared in return of […]

Payment for transactions above Rs50,000 must be made through crossed cheque

October 14, 2019February 17, 2021Mrs. Anjum Shahnawaz

KARACHI: Federal Board of Revenue (FBR) has made it mandatory for buyers to make payment above Rs50,000 through crossed cheque or banking instruments ensuring transfer of payment to seller’s account. The FBR issued Sales Tax Act, 1990 updated till June 30, 2019 incorporating amendments brought through Finance Act, 2019. Under Section 73 of the Act, […]

Buyers, sellers jointly responsible for payment of unpaid tax

October 13, 2019May 12, 2025Mrs. Anjum Shahnawaz

KARACHI: The Federal Board of Revenue (FBR) has placed significant responsibility on both buyers and sellers in the supply chain for any instance where the payment of tax fails to be deposited into the national treasury.

Tag: Sales Tax Act 1990