Important Update: SRO 350(I)/2024 – Issued on March 7, 2024

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