📂 Sales Tax
Important Update: SRO 350(I)-2024
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This notification addresses the following three key areas:
1. Registration
2. Sales
3. Input Tax Adjustment
Target Registered Persons are :
- Individuals
- AOP
- Single Member Company
Note : Manufacturers are not included in the said SRO
Registration :
- Taxpayers must submit a registration application along with a balance sheet as required under Section 14 of the Sales Tax Act, 1990.
- Verification will be carried out by the Local Registration Office (LRO), after which a registration order will be issued.Biometric verification is now mandatory on an annual basis.
Sales
- If the declared capital is less than five times the declared sales, prior approval from the Commissioner is required.
Input Tax Adjustment
- Input tax invoices will be disallowed if the supplier fails to file their return within the same month.
- Input tax on such purchases cannot be claimed.
- In cases where the supplier fails to file the return, the entire input tax must be borne by the purchaser
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