08-13-2011, 02:44 AM
laptop might have shared this sro to highlight importers covered under sales tax special procedure rules, who are subject to 2%(now 3%) value addition tax at import stage which is non-adjustable/non refundable(subject to such conditions as specified in special procedure rules.) #8626;
#8626;#8626;
Dear Student of law i would appreciate your comments made after reading these rules to enrich my knowledge. <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>
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NOTIFICATION
(SALES TAX)
S.R.O. 647(I)/2007.â In exercise of the powers conferred by the second proviso to sub-section (1) of section 8B of the Sales Tax Act, 1990, the Central Board of Revenue is pleased to direct that the registered persons specified in column (2) of Table below shall be excluded from the purview of the said sub-sectionâ
TABLE
1. Persons registered in electrical energy sector.
2. Oil marketing companies and petroleum refineries.
3. Fertilizers manufacturers.
4. Manufacturers consuming raw materials chargeable to sales tax at the rate of 18.5% or 21% provided value of such raw materials exceeds 50% of value of all taxable purchases in a tax period.
5. Wholesalers-cum-retailers operating in Chapter XII of the Sales Tax Special Procedures Rules, 2007.
6. Commercial importers provided the value of imports subjected to 2% value addition tax under Chapter X of the Sales Tax Special Procedures Rules, 2007, exceeds 50% of value of all taxable purchases in a tax period.
7. Person making zero-rated supplies provided value of such supplies exceeds 50% of value of all taxable supplies in a tax period.â(sro.529-2008 )
8. Distributors and wholesalers.
9. Gas distribution companies.
10. Solvent extracting units of edible oils.â( sro.713-2008)
11. Telecommunication Servicesâ. (sro.1234-2008)
12. Pakistan Steel ,Bin Qasim, Karachi. (sro.36-2009)
This notification shall take effect from 1st July, 2007.
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
#8626;#8626;
Dear Student of law i would appreciate your comments made after reading these rules to enrich my knowledge. <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 />
NOTIFICATION
(SALES TAX)
S.R.O. 647(I)/2007.â In exercise of the powers conferred by the second proviso to sub-section (1) of section 8B of the Sales Tax Act, 1990, the Central Board of Revenue is pleased to direct that the registered persons specified in column (2) of Table below shall be excluded from the purview of the said sub-sectionâ
TABLE
1. Persons registered in electrical energy sector.
2. Oil marketing companies and petroleum refineries.
3. Fertilizers manufacturers.
4. Manufacturers consuming raw materials chargeable to sales tax at the rate of 18.5% or 21% provided value of such raw materials exceeds 50% of value of all taxable purchases in a tax period.
5. Wholesalers-cum-retailers operating in Chapter XII of the Sales Tax Special Procedures Rules, 2007.
6. Commercial importers provided the value of imports subjected to 2% value addition tax under Chapter X of the Sales Tax Special Procedures Rules, 2007, exceeds 50% of value of all taxable purchases in a tax period.
7. Person making zero-rated supplies provided value of such supplies exceeds 50% of value of all taxable supplies in a tax period.â(sro.529-2008 )
8. Distributors and wholesalers.
9. Gas distribution companies.
10. Solvent extracting units of edible oils.â( sro.713-2008)
11. Telecommunication Servicesâ. (sro.1234-2008)
12. Pakistan Steel ,Bin Qasim, Karachi. (sro.36-2009)
This notification shall take effect from 1st July, 2007.
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
