S. Tax (Rates, Prices, Schedules) Flashcards

1
Q
A
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2
Q

6th Schedule - Exempt Suplies

A
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3
Q

Exempt Goods - Manufacturer vs Other (In house & Pvt Consumption)

A
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4
Q

In the case Exempt goods are exported…….Would they be zero rated??

A

Yes - Man

No - Other

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6
Q

ZERO RATING

A
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8
Q

Retail Price sales Tax - 3rd Schedule

A
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10
Q

What is similarity & diff b/w Exempt goods and Zero Rated Goods

A

Tax Zero Rated Exempt

Out put charge?? No No

Input claim?? Yes No

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11
Q

Importers & Minimum Value Addition Tax - 1

A
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12
Q

Commercial Importer Rules

A
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13
Q

Commercial Importer Example (No refund only carry forward)

A
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15
Q

What is Retail Price u/S. Tax

A

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)

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16
Q

Vehicle Dealer -Special Procedure Concept

A
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18
Q

8th Schedule

A

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%

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19
Q

Which sales Tax Rate - Timing

A

Time???

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20
Q

Which Rate (2) Changes in ST Rate -Imports

A
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21
Q

REFUND ON ZERO RATE

A
  • 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.
22
Q

Importers - Types

A
  • Commercial Importer
  • Manufacturer Importer for In-house consumption
  • Service provider for In house consumption
  • POL products
26
Q

How can the Min Value Addition Tax paid by Commercial Importer be refunded

A

Never

Any Excess - To be C/F

C/F period not mentioned by law

27
Q

Commercial Importer Return frequency

A

MONTHLY

29
Q

Vehicle Dealer - Special Procedure Rules Summary (6 Points)

A
  • All dealers to register (old/new vehicles;comissioned/non-comissioned;local/imported)
  • Booking document of man. /imp - particulars of dealer
  • Man/Imp delare to comissioner - comission structure
  • Invoice - by Man. to Buyer if By Man to Dealer, dealer to issue ST Invoice to customer (delivery cum invoice)
  • Adjustment of I/P O/P in the normal manner
  • Own amount ST to be charged by dealer
30
Q

P & M IMPORT

A
  1. Rate= Reduced (10%)

Conditions:

  1. No compatible local substitute
  2. If By Reg. Man. for own use
  • PDC diff. tax (17-10%) with customs auth.
  • Cheque return after 1st ST return after import
  • Subs. supply to comm. regime or unreg. person - pay ST at normal rate - 17%
  • Subs. supply to registered person - 10%

4.If by Comm. importer

  • BG/chequ/pay order/cash diff. tax (17-10%) with customs auth.
  • Cheque return after evidence of next supply to a reg. person
  • Supply to unreg. person -liability to payment @ full rate