Input tax adjustment: FBR extends date for proposals on ‘HS codes’ new list

ISLAMABAD: The Federal Board of Revenue (FBR) has extended date upto January 10, 2024 for leading sectors to submit their recommendations on new list of “HS codes” for claiming input tax adjustment.

The FBR has issued a notification here on Wednesday for extension in the date.

Now, leading sectors including weaving dyeing & printing, steel melters/re-rollers, oil & ghee, chemicals, cement, lead & batteries, paper & paper board can submit their viewpoint on list of “HS codes” for claiming input tax adjustment.

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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.

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.

According to the FBR’s notification, reference to Board’s circular dated December 14, 2023, cut-off date for submission of recommendations is hereby extended till January 10, 2024.

All concerned are requested to forward their recommendations to Secretary (ST-Operations), FBR, Islamabad by said date for the addition or deletion of any items enumerated in the list, FBR added.

Details revealed 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. The said date has been extended upto January 10, 2024.

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. The said date has now been extended upto January 10, 2024, the FBR added.

Copyright Business Recorder, 2024