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ISLAMABAD: The Federal Board of Revenue (FBR) has prescribed a new sales tax invoice for petroleum dealers for the collection of data of the petroleum development levy (PDL) on petroleum products.

The FBR has issued a notification to amend the Sales Tax Rules, 2006, here on Tuesday.

A new Annex-L shall be inserted in the sales tax rules to prescribe the domestic sales invoice (DSI) of petroleum products for the collection of the data of the PDL.

The new form has to be submitted by the petroleum dealers along with the monthly sales tax return form. In this connection, the FBR has prescribed DSI of petroleum products for the purpose of the PDL.

The data included particulars of the buyers of the POL products, sales type/quantity, value of sales, rate of PDL per letter and amount of the PDL payable.

The date of sales must be automatically fetched through Annex-C by using the HS code of sales of petroleum products for calculation of the payable PDL. The PDL must be calculated on the basis of the government notified per litre rates to the prescribed period.

Copyright Business Recorder, 2023

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