AGL 38.04 Decreased By ▼ -0.11 (-0.29%)
AIRLINK 128.83 Increased By ▲ 3.76 (3.01%)
BOP 7.85 Increased By ▲ 1.00 (14.6%)
CNERGY 4.67 Increased By ▲ 0.22 (4.94%)
DCL 8.30 Increased By ▲ 0.39 (4.93%)
DFML 38.95 Increased By ▲ 1.61 (4.31%)
DGKC 82.15 Increased By ▲ 4.38 (5.63%)
FCCL 33.64 Increased By ▲ 3.06 (10.01%)
FFBL 75.75 Increased By ▲ 6.89 (10.01%)
FFL 12.76 Increased By ▲ 0.90 (7.59%)
HUBC 109.88 Increased By ▲ 5.38 (5.15%)
HUMNL 13.99 Increased By ▲ 0.50 (3.71%)
KEL 5.13 Increased By ▲ 0.48 (10.32%)
KOSM 7.69 Increased By ▲ 0.52 (7.25%)
MLCF 39.72 Increased By ▲ 3.28 (9%)
NBP 72.30 Increased By ▲ 6.38 (9.68%)
OGDC 188.00 Increased By ▲ 8.47 (4.72%)
PAEL 25.74 Increased By ▲ 1.31 (5.36%)
PIBTL 7.35 Increased By ▲ 0.20 (2.8%)
PPL 152.10 Increased By ▲ 8.40 (5.85%)
PRL 25.35 Increased By ▲ 1.03 (4.24%)
PTC 17.92 Increased By ▲ 1.52 (9.27%)
SEARL 82.40 Increased By ▲ 3.83 (4.87%)
TELE 7.60 Increased By ▲ 0.38 (5.26%)
TOMCL 32.50 Increased By ▲ 0.53 (1.66%)
TPLP 8.49 Increased By ▲ 0.36 (4.43%)
TREET 16.75 Increased By ▲ 0.62 (3.84%)
TRG 56.30 Increased By ▲ 1.64 (3%)
UNITY 28.80 Increased By ▲ 1.30 (4.73%)
WTL 1.34 Increased By ▲ 0.05 (3.88%)
BR100 10,649 Increased By 559.8 (5.55%)
BR30 31,293 Increased By 1784.3 (6.05%)
KSE100 99,293 Increased By 4718.9 (4.99%)
KSE30 31,029 Increased By 1584.1 (5.38%)
Print Print 2007-06-11

(SALES TAX) SRO 465(I)/2007

Text of (SALES TAX) SRO 465(I)/2007.
Published June 11, 2007

Text of (SALES TAX) SRO 465(I)/2007.

GOVERNMENT OF PAKISTAN
MINISTRY OF FINANCE, ECONOMIC AFFAIRS,
STATISTICS AND REVENUE
(REVENUE DIVISION)

Islamabad, the 9th June, 2007

NOTIFICATION
(SALES TAX)

In exercise of the powers conferred by section 50 of the Sales Tax Act, 1990, the Federal Board of Revenue is pleased to make the following rules for prescribing the procedure for processing of refund claims of the persons registered in Large Taxpayers Units, namely:-
1. Short title and commencement.- (1) These rules may be called the Processing of Refund Claims of Large Taxpayers Rules, 2007.
(2) They shall come into force at once.
2. Interpretation.- In these rules, the expression "Act" means the
Sales Tax Act, 1990.
3. Filing of refund application.- The refund claimant duly registered in a Large Taxpayer Unit, desirous of availing these rules, shall file a refund application to the Collector of Sales Tax (Large Taxpayer Unit) along with the following documents, namely:-
(a) an undertaking affirming the genuineness of refund as per relevant rules made thereunder; and
(b) a revolving bank guarantee valid for at least one hundred and twenty days issued by a scheduled bank, to the satisfaction of Collector of Sales Tax (Large Taxpayers Unit), of an amount not less than the amount of refund claimed.
4. Refund of input tax.- Where the claimant files documents under rule 2, the Collector of Sales Tax (Large Taxpayers Unit) shall allow the refund of input tax within three days of receipt thereof.
5. Filing of complete refund claim.- Within fifteen days of the sanctioning of refund, the claimant shall file a complete refund claim along with the supportive documents and a soft copy on the format prescribed under the Sales Tax Rules, 2006 which shall be scrutinised by the concerned Large Taxpayer Unit and the objections, if any, related to the refund claimant shall be conveyed to the claimant within seven days of the receipt of claim.
6. Amount if found inadmissible.- In case any amount already sanctioned and paid is found inadmissible, the same shall be recoverable within seven days by encashing the bank guarantee to the extent of inadmissible amount besides other legal action under the relevant provisions of the Act.
7. Appointment of liaison officer.- The Collector of Sales Tax shall appoint and notify an officer, not below the rank of an Assistant Collector, as focal person in the concerned Collectorate to liaise with other Collectorates regarding the problems or objections encountered on account of supplies of the refund claimant for speedy solution thereof.
[C No 4/1-STB/2007]
(Wajid Ali)
Secretary (ST&FE-Budget).
Copyright Business Recorder, 2007

Comments

Comments are closed.