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Revenue Board issues new sales tax return form

ISLAMABAD (December 07 2003): To facilitate the business community, the Central Board of Revenue (CBR) has issued new 'monthly sales tax form' making filling of returns easier for registered persons.

The CBR has amended Filing of Monthly Return Rules, 1996 through an SRO(I)/2003 issued here on Saturday.

Official sources told Business Recorder that CBR made use of information technology (IT) facilitating downloading of returns from CBR web-site www.cbr.gov.pk.

This would help the taxpayers to simply submit the details by using forms on the web-site.

Similarly, the CBR has also given opportunity to the taxpayers to file revised returns for rectifying any omission or wrong declaration in the returns. A new provision to file revised return was added in section 26 of the Sales Tax Act, 1990.

The registered units have to give their e-mail, phone, fax, NTN and sales tax registration numbers on the new form.

This has been done to minimise direct interaction between tax officials and taxpayers.

The form has been changed keeping in view the new provisions added in the Sales Tax Act, 1990, in budget 2003-04.

An amendment was made in section 7 of Sales Tax Act whereby further tax charged by a registered person is not adjustable against input tax and is to be paid mandatorily irrespective of the credit of input tax.

However, a facility was provided to the taxpayers to claim input adjustment pertaining to previous three tax periods.

Besides incorporating these changes provision of paying penalty for late filing of return has also been specified in the form, officials said.

The registered persons would submit information on sales, value, purchases and total input tax claimed on purchases in the new form.

Input tax carried forward from the preceding tax period, if any, has to be mentioned in the form.

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