New sales tax return form notified: SRO issued
The Federal Board of Revenue (FBR) has issued a new sales tax and federal excise return form (2012-13) for the business and trade incorporating changes made through the Finance Act, 2012. In this connection, the FBR has issued SRO.1004(I)/2012 to notify the new sales tax return form through amendment to the Sales Tax Rules 2006. The new sales tax and federal excise return form has been notified through STR-7 ie Sales Tax and Federal Excise Return.
Copyright Business Recorder, 2012
According to the new return form, a new Annex-E1 has been introduced for the collection of the Federal Excise Duty on natural gas. The Annex-E1 seeks details about the name of registered person, tax period, name of well, locality/city, province, UoM, quantity, rate and the FED paid.
The new sales tax return has been vetted by the Law and Justice Division and issued here on Friday. The new sales tax return form has incorporated changes in view of amendments made in the Sales Tax Act 1990 and Federal Excise Act 2005. The penalty charged and the provisions of the SRO191(I)/2011 has been removed from the new form. The new form has also deleted provision pertaining to the calculation of inadmissible input tax for furnishing computerised national identity card numbers (CNICs) and National Tax Numbers (NTNs) of unregistered buyers under rescinded SRO191(I)/2011.
The Annex-A is related to the domestic purchase invoice; Annex-B Goods Declaration; Annex-C domestic sales invoices; Annex-D Goods Declaration-Exports (GDE); Annex-E Federal Excise; Annex-E1 FED on natural gas; Annex-F Carry Forward Summary; Annex-G Sales Tax Arrears and Annex-H is related to the stock statement.