While giving another opportunity to the taxpayers to clear their outstanding dues, the Central Board of Revenue (CBR) has extended sales tax amnesty scheme for the taxpayers to avail exemption of additional tax and penalty on payment of principal amount from June 30 to July 31, 2005.
The CBR has amended SRO 520(I)/2005 of June 6, 2005 through an SRO 723(I)/2005 issued on Friday.
Earlier, the CBR had given exemption of additional tax and penalties on payment of outstanding principal amount of sales tax paid by June 30, 2005. However, the time period of the scheme has been extended so that maximum number of businessmen could avail the facility to clear their outstanding dues.
This amnesty scheme would be applicable for persons against whom an amount of sales tax is outstanding on account of any audit observation, audit report, demand notice or any order; or who has failed to pay any amount of sales tax or claimed inadmissible input tax adjustment or refund due to any reason other than tax fraud.
This shall not entitle any person to claim or take refund of any amount of sales tax already paid by or recovered from him.
Last year, the CBR had recovered a huge amount of Rs 1 billion due to announcement of similar scheme regarding waiver of additional tax and penalty.
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