The manufacturers and retailers whose declared turnover in the preceding 12 months was less than Rs five million stand automatically de-registered due to amendments made in the Sales Tax Act, 1990 through Finance Act, 2004.
They are not required to file monthly return or apply for de-registration as their names has been sent to the Central Board of Revenue (CBR), Additional Collector Sales Tax Faisalabad, Dr Kamal Azhar Minhas stated this.
He was addressing a workshop on the "Current issues of sales tax/income tax" organised by Tax Forum, here on Wednesday.
Minhas said that any such person, who intended to continue under the value-added tax (VAT) mode, should apply for fresh registration, and also explained the other changes brought about in the sales tax law and procedure.
He answered the queries of the taxpayers on the current issues of multiple audit, value-addition by the commercial importer and treatment of closing stock held by them before the introduction of condition of 10 percent value-addition.
Earlier, Additional Commissioner Income Tax, Muhammad Akram explained the universal self assessment scheme and urged the taxpayer to make the scheme successful in their own interest by voluntary compliance.
The workshop was conducted by Advocate of Tax Forum Shahid Pervez Jami, while Advocate Khalid Pervez, Deputy Collector Muhammad Sadiq and Deputy Collector Sales Tax Ahmed Raza also answered the queries raised by the participants.
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