Reduction in input tax adjustment on delay in sales system installation
Filing of sales tax returns mandatory in July, sales tax general order issued—file photo
Islamabad: Reduction in input tax adjustment for delay in installation of sales system.
The Federal Board of Revenue (FBR) has issued a Sales Tax General Order, which states that the outlets which will not be connected with the FBR by installing point of sales system within the prescribed period will be subject to input tax adjustment. will be reduced to fifteen percent and the reduction rate of this input tax adjustment will be increased to 60 percent and they will not get input tax adjustment up to sixty percent.
In this regard, according to the document available to Express, the sales tax general order further states that the outlets which were to be connected to the FBR system and will submit the sales tax returns in July 2024 for the period of June 2024. They will not get input tax adjustment of 60% and they will be able to take input tax adjustment up to 40% only.
The sales tax general order further states that the list of 1,680 outlets which have been notified as eligible points of sales has been published on the FBR web portal.
Reduction in input tax adjustment on delay in sales system installation