ISLAMABAD: The Federal Board of Revenue (FBR) has issued a new procedure for disposal of requests of registered persons for condonation of time period under section 74 of the Sales Tax Act, 1990.

In this regard, the FBR has issued a Sales Tax Circular No.1 of 2024/IR Operations here on Monday.

This Circular has superseded Sales Tax Circular No.02 of 2020/IR Operations dated 21.09.2020.

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For the purpose of disposal of requests of registered persons for condonation of time or period under section 7 4 of the Sales Tax Act, I 990, the Board has prescribed the procedure.

The registered person shall apply to the Commissioner Inland Revenue having jurisdiction for extension of time or period specifying the grounds for delay. In case, a request is directly received in the Board, the same shall be forwarded to the Commissioner Inland Revenue concerned for action as stated below. However, in cases where the Board is satisfied that sufficient information is available, the orders as deemed fit may be passed without referring the matter to the Commissioner Inland Revenue concerned.

The Commissioner Inland Revenue concerned, after considering the grounds mentioned and any other information called for by him, shall send his categorical recommendations to the Board on the specified format.

The Commissioner Inland Revenue concerned shall forward his recommendations to the Board within 15 days of the receipt of the application where the application is received in RTO/LTO/CTO/MTO.

Copyright Business Recorder, 2024