Exempt Sales Tax On Taxable Stocks to Extent Of Input Tax Payable But Not Paid In Respect Of Goods P

GOVERNMENT OF PAKISTAN REVENUE DIVISION CENTRAL BOARD OF REVENUE (SALES TAX WING) ****** Islamabad, the 2nd September, 2000. NOTIFICATION (SALES TAX) S.R.O. 614 (I)/2000.¾ In exercise of the powers conferred by sub-section (2) of section 13 of the Sales Tax Act, 1990, the Federal Government is pleased to exempt sales tax on taxable stocks to the extent of input tax payable but not paid in respect of goods purchased, manufactured, imported or otherwise acquired upto 30th June, 2000 and are declared upto 30th September, 2000 by¾ 1. a registered retailer, manufacturer, importer, wholesaler including dealer, distributor, commission agent and supplier who declares stocks which were hitherto unaccounted for or undeclared, and 2. a person who being hitherto unregistered, who gets himself registered under section 14 of the said Act upto 30th September, 2000 and declares stocks of such goods as were available with him on the day of making an application for registration under section 15 thereof; subject to the condition that¾ 1. the declarant, if he does not already hold, obtains NTN (National Tax Number) before availing exemption under this notification; and 2. he shall charge output tax at the rate of fifteen per cent on the sale or supply of the declared taxable stocks and pay net sales tax on the minimum value addition of ten per cent. 2. The stocks shall be declared to the concerned Collector of Sales Tax in the Form set out below:- FORM Description of exempt goods in stock. | Quantity of exempt goods in stock. | Description of taxable goods in stock. | Quantity of taxable goods in stock. | Purchase value of taxable goods (excluding sales tax amount). | Total amount of input tax involved on taxable goods. (1) | (2) | (3) | (4) | (5) | (6) :-2-: 3. The retailers who intend to pay turnover tax may also declare their stocks as required in paragraph 2, provided that they, if not already enrolled get themselves enrolled upto the 30th September, 2000, as prescribed under section 3A of the said Act and rules made thereunder and pay turnover tax on the value of sale or supply of such stocks to consumers from the general public without any input tax adjustment. 4. A person who correctly declares his stocks and pays the sales tax due thereon as aforesaid under this notification shall be entitled to immunity from past sales tax liabilities to the extent of such declared stocks. [F.No.1(33)STP/93(Pt.II)A] (Sarfraz Ahmad Khan) Additional Secretary