The Federal Board of Revenue (FBR) has condoned the time limit of filing of Annex-H (stock statement) in the sales tax return by the exporters for the tax period of July 2019 up to January 15, 2020. In this regard, the FBR has issued instructions to the field formations here on Thursday.
The FBR has taken the decision keeping in view serious problems being faced business community in timely filing of Annex-H (stock statement)of sales tax returns.
In continuation to directions in meeting of trade/exporter associations' representatives with Advisor to PM on Finance & Revenue regarding issues in refunds and Annex-H, the committee constituted during the meeting for simplification of Annex-H held recently its first meeting at the convenience of the taxpayers.
The recently held meeting was chaired by Aamer Amin Bhatti (Chief IR-Operations-II) and attended by Naeem Abbas (Second Secretary ST & Automation), Ashfaq Ahmad (Senior Manager PRAL) Tahir Abbas and Khurram Noman (Sapphire Group) and Abdul Aleem and Naeem Suleman (Gul Ahmed Textile Mills) on 10.12.2019 at the FBR (HQ), Islamabad and discussed simplification of Annex-H and filing of same for processing through FASTER.
The following Issues have been discussed regarding simplification of Annex-H:
1. EOU/Manufacturing bonds, ST and IB related issues: Annex-H will be uploaded without EOU/manufacturing bonds related data till such that time the customs data is available with the return without duplication. This will be done in tandem with data submitted under RCPS. The EOU and Bond etc related data is otherwise not part of consumption in Annex-H.
The claims of visiting team shall be processed on test basis without EOU etc data once the claims are processed smoothly, same procedure shall be allowed to be followed by other such refund claimants.
II. Simplification of HS Code: July Annex-H will be uploaded as per existing HS codes after that it will be determined whether there is dire need to raise it to chapter wise description.
III. Utilities, services and plants and machinery will be prorating as per existing practice: The representative of taxpayers decided that they will try to upload their Annex-H for the month of July 2019 on the basis of meeting preferably before Monday and a follow up meeting has been scheduled for December 17, 2019 at the convenience of the taxpayers as it was contended that the claims of two leading textile groups cannot be uploaded before Monday.