S. Tax (Rates, Prices, Schedules) Flashcards
6th Schedule - Exempt Suplies
Exempt Goods - Manufacturer vs Other (In house & Pvt Consumption)
In the case Exempt goods are exported…….Would they be zero rated??
Yes - Man
No - Other
ZERO RATING
Retail Price sales Tax - 3rd Schedule
What is similarity & diff b/w Exempt goods and Zero Rated Goods
Tax Zero Rated Exempt
Out put charge?? No No
Input claim?? Yes No
Importers & Minimum Value Addition Tax - 1
Commercial Importer Rules
Commercial Importer Example (No refund only carry forward)
What is Retail Price u/S. Tax
Manufacturer’s Price @ which goods to be sold to consumers xxx
All duties, charges, taxes xxx
(OTHER THAN SALES TAX) —–
Retail Price XX
*Sales price to general body of customers
**More than one such prices, highest out of them (Board has option to select such zones for highest price)
Vehicle Dealer -Special Procedure Concept
8th Schedule
6th
8th
5th (zero rate)
3rd (Retail price by man)
Raw cotton and ginned cotton
Local
Imported – 5%
Plant and machinery
Imported plant, machinery, equipment and apparatus, including capital goods,
not listed in the locally manufactured items,
- BMR - desalination plants, coal firing system, gas processing plants and oil and gas field prospecting.
- Medical by hospitals, etc
- mine construction phase or extraction phase.
- imported for Thar Coal Field
- Initial or BMR -power generation, power transmission and grid stations including under construction projects
- education and research related items imported by technical, training institutes, research institutes, schools, colleges and universities
- marble, granite and gem stone extraction and processing industries
- Solar
- renewable energy technologies or for conservation of energy
- manufacturing LED light
- production of bio-diesel – 5%
- Post-harvest handling and processing – 7%
- poultry sector- 7%
- mine exploration phase – 5%
- Initial & BMR - oil refining (mineral oil, hydro- cracking and other value added petroleum products - 10%
- Milk related plants – 5%
Locally man. To EPZ (Operated by power)
Milk
- Imported milk
- Milk and cream other than retail under brand
- Flavored milk -Other than retail
- Fat filled
- Milk and cream - retail under brand – 10%
- Flavored milk - retail u/brand name – 10%
Milky drinks
Yogurt, cheese, cream, butter, desi ghee, whey
Same like milk
Same like milk – 10%
Poultry cattle seed
Feed
Ingredients of feed – 10%
Temporary export, re-imported
10% (foreign origin goods)
Not zero rated – exception to zero rating
Important - other
TV set top boxes – 5%
Gas/LNG to fertilizer – 5%
Fish feed – 10%
6th
8th
5th (zero rate)
3rd (Retail price by man)
Raw cotton and ginned cotton
Local
Imported – 5%
Plant and machinery
Imported plant, machinery, equipment and apparatus, including capital goods,
not listed in the locally manufactured items,
BMR - desalination plants, coal firing system, gas processing plants and oil and gas field prospecting.
Medical by hospitals, etc
mine construction phase or extraction phase.
imported for Thar Coal Field
Initial or BMR -power generation, power transmission and grid stations including under construction projects
education and research related items imported by technical, training institutes, research institutes, schools, colleges and universities
marble, granite and gem stone extraction and processing industries
Solar
renewable energy technologies or for conservation of energy
manufacturing LED light
production of bio-diesel – 5%
Post-harvest handling and processing – 7%
poultry sector- 7%
mine exploration phase – 5%
Initial & BMR - oil refining (mineral oil, hydro- cracking and other value added petroleum products - 10%
Milk related plants – 5%
Locally man. To EPZ (Operated by power)
Milk
Imported milk
Milk and cream other than retail under brand
Flavored milk -Other than retail
Fat filled
Milk and cream - retail under brand – 10%
Flavored milk - retail u/brand name – 10%
Milky drinks
Yogurt, cheese, cream, butter, desi ghee, whey
Same like milk
Same like milk – 10%
Poultry cattle seed
Feed
Ingredients of feed – 10%
Temporary export, re-imported
10% (foreign origin goods)
Not zero rated – exception to zero rating
Important - other
TV set top boxes – 5%
Gas/LNG to fertilizer – 5%
Fish feed – 10%
Which sales Tax Rate - Timing
Time???
Which Rate (2) Changes in ST Rate -Imports
REFUND ON ZERO RATE
- In Q, any defult sur., penalty, etc etc under any (tax) law to FBR—–deduct from refund instead of adding to liability
- Any incoming/receipt from FBR for delay in refund(@KIBOR) taxable income u/Income from Other sources
- Within 45 days of return
- Adjustment if d/s+penalty
- Reason to believe - incorrect claim / refund—–proceedings 120D …..inquiry by AC—-Board may extend 9M
- Delay refund @KIBOR/annum (Income from other sources.
