1/27/2014

IBFL 51.20/500 0.50 GLAXO

Leather, textile made-ups: supplies chargeable to five percent ST: FBR | Business Recorder
76.50/500 0.28 GTYR 42.75/1000 0.69 HCAR 40.55/1000 0.86 HUBC 55.20/3500 1.21 All

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Taxation Pak istan Leather, textile made-ups: supplies chargeable to five percent ST: FBR

Leather, textile made-ups: supplies chargeable to five percent ST: FBR

January 26, 2014 SOHAIL SARFRAZ 0 Comments The taxable supplies of finished articles made of leather, artificial leather and textiles and textile made-ups are chargeable to reduced rate of 5 percent sales tax. Local supplies of these goods to un-registered persons including government departments having Free Tax Numbers (FTNs) are also liable to one percent extra/further tax. The Federal Board of Revenue (FBR) on Saturday conveyed to the Large Taxpayer Units (LTUs) and Regional Tax Offices (RTOs) to follow the Board''s new sales tax clarification in the field formations. It is learnt that the FBR has issued a clarification to the Chief Commissioners of the LTUs and RTOs on the rate of sales tax on textile and leather finished products for compliance. The new FBR clarification has been made applicable in the field formations. According to the FBR''s instructions to the field formations, the taxable supplies of finished articles of leather, artificial leather and textiles and textile made-ups falling under Table-II of SRO 1125(I)/2011 dated 31.12.2011 (as amended by SRO 628 (I)/2013 dated 26.7.2013) are chargeable to sales tax @ 5 percent, wef, 26th July, 2013. Supplies of the said goods to unregistered persons (including government departments holding FTN) are also subject to further tax @1 percent under section 3(1A) of the Sales Tax Act, 1990. Copyright Business Recorder, 2014
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Leather, textile made-ups: supplies chargeable to five percent ST: FBR | Business Recorder
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