ISLAMABAD: The Federal Board of Revenue (FBR) has issued a list of “HS codes” for claiming input tax adjustment to check fraudulent refunds/adjust-ments in sectors i.e. weaving dyeing & printing, steel melters/re-rollers, oil & ghee, chemicals, cement, lead& batteries, paper & paper board.
The FBR has issued a sales tax circular here on Thursday. A tax expert explained that the registered persons may only be allowed to avail input tax on goods and service mentioned in positive list of input tax allowance which would be finalised after consultation of stakeholders by December 28, 2023.
According to the FBR’s circular, in order to ensure the streamlining of allowance of input tax on the raw materials being used by the following sectors; Weaving Dyeing & printing, steel melters/re-rollers, oil & ghee, chemicals cement, lead & batteries and paper& paper board.
A positive list of input, goods & services pertaining to each sector has been prepared in consultation with the stakeholders; the same has been uploaded on the FBR’s website, so that it is notified under the relevant provisions of law, after obtaining the observations from all quarters concerned, FBR maintained.
All concerned are requested to go through the list and forward their recommendations in this regard to Secretary (ST-Operations), FBR, Islamabad by December 28, 2023 for the addition or deletion of any items enumerated in the list, the FBR added.
Copyright Business Recorder, 2023
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