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Refundable Tax & Payable tax
11-04-2011, 12:21 AM
Post: #1
Refundable Tax & Payable tax
Asalam o Alikum,
Someone help me about tax calculation.

We import some goods (Hardware), At the time of import we paid multiple taxes & Duties i.e.
Sales Tax 1041723/-
Income Tax 387393/-
Add 3% other tax 195322/-

We sale the customer and charged sales tax 16% on our total invoice amount i.e. 1146680/-. But when we received payment from customer they deducted some tax amount i.e. 477,758 against tax adjustment. Also deducted 1% LTU of total invoice amount.
Now i want to know how much i paid to govt. against sales tax and other tax, and which taxes are refundable?

I will be very thankful to you if anyone resolve my query.
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12-03-2011, 03:24 AM
Post: #2
 
Dear Salman
Pls note that
Refundable tax = if Input > Out Put
Payable Tax = if Input < Out Put

if you are registered in RTO and sales to LTU registered person. They will deduct your 1 % of gross amount as WH Tax.
1 % income tax at import stage is not refundable, sales tax at import stage is adjustable / refundable against out put tax as given procedure above.

for further clarification please elaborate your question.

regards

Umar
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