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Question about Sales Tax
06-17-2010, 03:47 PM
Post: #1
Question about Sales Tax
Dear Forum Members!

I have a question regarding sales tax matter and em confuse in this question, i need your kind supportive and reasonable comments in respect of following question in the light of sales tax act-1990.

Q> Let suppose we purchased some raw material from supplier in apr-10

Value excluding s/tax 25000
18 % sales tax 4500
Sub Total 29,500


*Pls. remember our payment period is 30 days to supplier. and payment is to be made in May-10.

My question is that does supplier submit his out put tax liability after payment by us? means after 30 days as above??



dear friend pls write your comments as soon as possible.

Regards

Muhammad Umar
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06-18-2010, 09:09 PM
Post: #2
 
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by umar_khi08@yahoo.com</i>
<br />Dear Forum Members!

I have a question regarding sales tax matter and em confuse in this question, i need your kind supportive and reasonable comments in respect of following wuestion in the light of sales tax act-1990.

Q>Let suppose we purchased some raw material from supplier in apr-10

Value excluding s/tax 25000
18 % sales tax 4500
Sub Total 29,500


*Pls. remember our payment period is 30 days to supplier. and payment is to be made in May-10.

My question is that does supplier submit his out put tax liablity after payment by us? meance after 30 days as above??



dear frnd pls write your comments as soon as possible.

Regards

Muhammad Umar


<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">




Is any person here to help me about above matter???

Dear frnds!

i want to know that i have a sale tax invoice of april-10 as mention above question and according to accrual concept i have accounted this invoice in june due to late receiving and but the payment has not been made.

Now the supplier is being offering a discount then in this situation what should i have to do????

will the invoice be change??

does the output tax liability settled on collection basis or accrual basis??

kindly write your comments.

Regards


Muhammad Umar.
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06-18-2010, 10:14 PM
Post: #3
 
<b>7. Determination of tax liability.¯ </b>

(1) Subject to the provisions of section 8B, for the purpose of determining his tax liability in respect of taxable supplies made during a tax period, a registered person shall, subject to the provisions of section 73, be entitled to deduct input tax paid <b>or payable during the tax period </b> for the purpose of taxable supplies made, or to be made, by him from the output tax that is due from him in respect of that tax period and to make such other adjustments as are specified in Section 9

Provided that where a registered person did not deduct input tax within the relevant period, he may claim such tax in the return for any of the six succeeding tax periods.
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06-19-2010, 07:56 PM
Post: #4
 
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by umar_khi08@yahoo.com</i>
<br /><blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by umar_khi08@yahoo.com</i>
<br />Dear Forum Members!

I have a question regarding sales tax matter and em confuse in this question, i need your kind supportive and reasonable comments in respect of following wuestion in the light of sales tax act-1990.

Q>Let suppose we purchased some raw material from supplier in apr-10

Value excluding s/tax 25000
18 % sales tax 4500
Sub Total 29,500


*Pls. remember our payment period is 30 days to supplier. and payment is to be made in May-10.

My question is that does supplier submit his out put tax liablity after payment by us? meance after 30 days as above??



dear frnd pls write your comments as soon as possible.

Regards

Muhammad Umar


<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">




Is any person here to help me about above matter???

Dear frnds!

i want to know that i have a sale tax invoice of april-10 as mention above question and according to accrual concept i have accounted this invoice in june due to late receiving and but the payment has not been made.

Now the supplier is being offering a discount then in this situation what should i have to do????

will the invoice be change??

does the output tax liability settled on collection basis or accrual basis??

kindly write your comments.

Regards


Muhammad Umar.

<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
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06-19-2010, 08:20 PM
Post: #5
 
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by umar_khi08@yahoo.com</i>
<br /><blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by umar_khi08@yahoo.com</i>
<br />Dear Forum Members!

I have a question regarding sales tax matter and em confuse in this question, i need your kind supportive and reasonable comments in respect of following wuestion in the light of sales tax act-1990.

Q>Let suppose we purchased some raw material from supplier in apr-10

Value excluding s/tax 25000
18 % sales tax 4500
Sub Total 29,500


*Pls. remember our payment period is 30 days to supplier. and payment is to be made in May-10.

My question is that does supplier submit his out put tax liablity after payment by us? meance after 30 days as above??



dear frnd pls write your comments as soon as possible.

Regards

Muhammad Umar


<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">Dear Mr. M Umair.

In response to you query please find exact lines of the Act and my comments in this regards. I hope you will get you answer.

As per section (7) of Sales Tax Act, Tax liability in respect of taxable supplies made during a tax period, a registered person shall be entitled to deduct input tax <b>Paid or Payable</b> during the tax period for the purpose of Taxable supplies <b>made or to be made</b> by him from output tax that is due from him in respect of that tax period .

as per my understanding, a registered person can adjust input tax on unused and sold items against out put tax. However, Registered person is required pay within 180 days of issue of tax invoice (section 173)

In order to grasp complete understanding of the taxability, you need to thoroughly go understand section 7,8,8B and 73.

Incase you need further understanding, please feel free to mail me at ikhoso@hotmail.com or call me at 03452332304

Best Regards




Is any person here to help me about above matter???

Dear frnds!

i want to know that i have a sale tax invoice of april-10 as mention above question and according to accrual concept i have accounted this invoice in june due to late receiving and but the payment has not been made.

Now the supplier is being offering a discount then in this situation what should i have to do????

will the invoice be change??

does the output tax liability settled on collection basis or accrual basis??

kindly write your comments.

Regards


Muhammad Umar.

<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
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06-22-2010, 09:12 PM
Post: #6
 
App sales tax invoice 1 bar issue kar do to is may change nahi kar sakty,,,

Han Debit ya credit note k trough aap apni sales ki value ko increase ya decrease kar sakty han jo aap nay sales tax invoice may di ho.

Agar aap kisi registered person ko supplies karty han or wo supplies cancel ya return ho jati hayn,,, ya invoice value ko increase karna par jaye to aap Debit Note issue karyn gay…..

Agar aap kisi Unregistered person ko supplies karty han or wo supplies cancel ya return ho jati hayn,,, to aap Credit Note Issue karty han..

Agar aap ko invoice value ko Decrease karna par jaye to aap Credit Note issue karyn gay…..
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06-23-2010, 09:22 PM
Post: #7
 
Dear Frnd!

You mean to to say that sales tax invoices is unchangeable, pls clarify being as taxpayer(supplier) that if error found after filling return(after one month) and your gross sales which had been shown in ur invoice is wrong (decrees from actual sales)and in the result you have been showed a wrong amount of output tax...

what should you have to do??


waiting your comments...


Regards


Muhammad Umar.



<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by LapTop</i>
<br />App sales tax invoice 1 bar issue kar do to is may change nahi kar sakty,,,

Han Debit ya credit note k trough aap apni sales ki value ko increase ya decrease kar sakty han jo aap nay sales tax invoice may di ho.

Agar aap kisi registered person ko supplies karty han or wo supplies cancel ya return ho jati hayn,,, ya invoice value ko increase karna par jaye to aap Debit Note issue karyn gay…..

Agar aap kisi Unregistered person ko supplies karty han or wo supplies cancel ya return ho jati hayn,,, to aap Credit Note Issue karty han..

Agar aap ko invoice value ko Decrease karna par jaye to aap Credit Note issue karyn gay…..

<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
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06-23-2010, 09:36 PM
Post: #8
 
Umer bhai,,

Aysa ho nahi sakta na k aap jis amount ki invoices issue karyn sale us say kam ya zayada ho jaye,,, jitney amount ki invoices issue hon gi utna hi amount gross sale ka ho ga,

Han agar difference aaye ga invoices k amount may or gross sale may to us k against app k pass Debit ya credit note hona chayea aap ko groos sale amount ko apny invoices k amount say match karny k liye.

Agar phir bhi koi error ho gya ho typing mistake ki waja say ya ya koi or waja ho to aap apna sales tax return revise kar sakty han.
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06-24-2010, 04:06 PM
Post: #9
 
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by LapTop</i>
<br />Umer bhai,,

Aysa ho nahi sakta na k aap jis amount ki invoices issue karyn sale us say kam ya zayada ho jaye,,, jitney amount ki invoices issue hon gi utna hi amount gross sale ka ho ga,

Han agar difference aaye ga invoices k amount may or gross sale may to us k against app k pass Debit ya credit note hona chayea aap ko groos sale amount ko apny invoices k amount say match karny k liye.

Agar phir bhi koi error ho gya ho typing mistake ki waja say ya ya koi or waja ho to aap apna sales tax return revise kar sakty han.

<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">

LAP TOP

Brother Revise return ki law myn kya limitation hen?? matlab ham kitny din myn apna return revise kar skty hen kindly section qout kar dyn.

agr error discover na hp pay to default or penalty ka kya impect hoga hm per??


Regards

UMAR.
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06-24-2010, 07:19 PM
Post: #10
 
<b>Section 26 Sales Tax Act.</b>

<b>Sub Section (2)</b> If there is a change in the rate of tax during a tax period, a separate return in respect of each portion of tax period showing the application of different rates of tax shall be furnished.

(3) A registered person may, subject to approval of the 1Commissioner Inland Revenue having jurisdiction, file a revised return within one hundred and twenty days of the filing of return under sub-section (1) or, as the case may be, sub-section (2), to correct any omission or wrong declaration made therein.

(4) Notwithstanding the penalties prescribed in section 33, if a registered person wishes to file revised return voluntarily along with deposit of the amount of tax short paid or amount of tax evaded along with default surcharge, whenever it comes to his notice, before receipt of notice of audit, no penalty shall be recovered from him

Provided that in case the registered person wishes to deposit the amount of tax as pointed out by the officer of sales tax during the audit, or at any time before issuance of the show cause notice in lieu of the audit report, he may deposit the evaded amount of tax, default surcharge under section 34, and twenty-five per cent of the penalty payable under section 33 along with the revised return

Provided further that in case the registered person wishes to deposit the amount after issuance of show cause notice, he shall deposit the evaded amount of sales tax, default surcharge under section 34, and full amount of the leviable penalty under section 33 along with the revised return and thereafter, the show cause notice, shall stand abated.
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06-24-2010, 09:23 PM
Post: #11
 
lap top

Dear frnd thnx for supportive comments,

meance a registered person can file a revise return within 120 days to correctness any omision before receiving any notice during audit.

iam downloading a sales tax act 1990 formore batter understanding and in this regard if any confusion are creating then i shall again contect to you.

Umar
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06-24-2010, 09:30 PM
Post: #12
 
Ok ji, Jitna mujhay aata hay utna to guide kar hi don ga aap ko, or jo nahi aaye ga us ka haal mil k dhond layn gay, hahahahahaha
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07-01-2010, 07:20 PM
Post: #13
 
LAP TOP

yup INSHAHALLAH, wts ur name bro? IN WHICH PROFESSIONAL FECULTY ARE YOU REGISTERED??

Umar
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07-01-2010, 08:50 PM
Post: #14
 
My names Farrukh Bilal Sehrai Advocate
Im Tax Advisor & legal consultant, E-intermediary by FBR
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07-22-2010, 08:48 PM
Post: #15
 
i have a question regarding sale tax that i have not accounted for some sort of sale ie Rs5M which i have issued gst invoice for the month of jan-2010 AND NOT TAKEN SALE TAX RETURN IN JAN-2010 RETURN. WHAT CAN I DO FOR REVISE RETURN FOR PVT LTD COMPANY ,ARE THERE ANY PENALTY ,
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