Business Desk
Aug 19, 2024
The Federal Board of Revenue (FBR) has extended the last date for filing of sales tax and federal excise duty (FED) returns till August 23, 2024.
The revenue board has directed the Inland Revenue officials across the country to extend deadline of filing returns for the period of July 2024. It should be noted that initially the deadline was August 18.
“In exercise of the powers conferred under section 74 of the Sales Tax Act, 1990 and section 43 of the Federal Excise Act, 2005, the FBR has directed that the due date of submission of Sales Tax and Federal Excise Return for the tax period of July 2024, which is due on August 18, 2024, is extended to August 23, 2024,” the notification read.
FBR relaxes sales tax conditions
Earlier this month, the FBR also relaxed conditions for sales taxpayers and requirement to file corresponding sales tax returns in order to claim input tax for many sectors.
The FBR has issued an SRO.1130(I)/2024 to amend Sales Tax Rules, 2006.
According to details shared by a tax expert on SRO.1130(I)/2024, Federal Board of Revenue (FBR) has made further amendments under SRO 350(i)/2024, in conjunction with the Sales Tax Rules of 2006, due to ongoing issues with sales tax return filing.
As a result of this amendment, the requirement to file the corresponding sales tax return in order to claim input tax has been relaxed to a certain extent. The board has excluded the application of the second proviso to sub-rule(3) of rule 18 from the following categories of supplies:
- Gas transmission and distribution companies with effect from March 7, 2024.
- Electricity distribution companies with effect from March 7, 2024.
- Independent power producers or WAPDA with effect from March 7, 2024.
- Third Schedule items issued to a distributor, wholesales, retailer, manufacturer or a trader with effect from March 7, 2024.
- The sales tax liability has been paid by the manufacturer to the extent of items as per return and none of the distributors, or wholesalers, or retailers, other than the manufacturers, have been the ultimate supplier of the items.
- Petroleum exploration and production companies with effect from March 7, 2024;
- Registered persons as buyers, if their suppliers have paid their sales tax liability as re-computed by application of the second proviso to sub-rule (3) of rule 18 after deletion of invoices along with corresponding input tax, within six days from the end of the month in which their returns were taken as provisional.
