ISLAMABAD: Every registered person, being a private or public limited company, is required to file annual sales tax returns by September 30, 2021.
The delay in filing or non-filing of the annual return will lead to a penalty.
When the matter was discussed with Asif S Kasbati (ICAP Fiscal Laws Committee Member and Pakistan Business Council Core Tax Committee Member), he explained that as per second proviso to Section 26(1) of the Sales Tax Act 1990, the FBR has powers to notify by in the official gazette, and require any person or class of persons to submit such returns as may be prescribed annually in addition to the monthly return or quarterly return.
Accordingly, the FBR has prescribed Rule 17 and Form STR-10 in ST Rules, whereby, every registered person, being a private or public limited company are required to file annual sales tax returns for the Financial Year (July 1, 2020 to June 30, 2021) for which deadline is September 30, 2021.
The details required for filing the annual sales tax returns are given in Form STR-10.
Kasbati added that in the case of delay in filing the annual returns, (a) up to 10 days, there is a penalty of Rs 200 for each day of default; (b) delay over 10 days or non-filing, there is a penalty of Rs10,000.
Copyright Business Recorder, 2021