AIRLINK 205.00 Increased By ▲ 4.71 (2.35%)
BOP 10.23 Decreased By ▼ -0.26 (-2.48%)
CNERGY 7.03 Decreased By ▼ -0.18 (-2.5%)
FCCL 34.56 Decreased By ▼ -0.38 (-1.09%)
FFL 17.10 Decreased By ▼ -0.32 (-1.84%)
FLYNG 24.98 Increased By ▲ 0.13 (0.52%)
HUBC 131.00 Increased By ▲ 3.19 (2.5%)
HUMNL 14.00 Increased By ▲ 0.19 (1.38%)
KEL 4.92 Decreased By ▼ -0.08 (-1.6%)
KOSM 6.79 Decreased By ▼ -0.24 (-3.41%)
MLCF 44.10 Decreased By ▼ -0.52 (-1.17%)
OGDC 221.40 Decreased By ▼ -0.75 (-0.34%)
PACE 7.23 Decreased By ▼ -0.19 (-2.56%)
PAEL 42.70 Decreased By ▼ -0.10 (-0.23%)
PIAHCLA 17.12 Decreased By ▼ -0.27 (-1.55%)
PIBTL 8.41 Decreased By ▼ -0.10 (-1.18%)
POWER 9.09 Decreased By ▼ -0.06 (-0.66%)
PPL 190.35 Decreased By ▼ -2.38 (-1.23%)
PRL 43.30 Increased By ▲ 1.80 (4.34%)
PTC 24.70 Increased By ▲ 0.26 (1.06%)
SEARL 102.33 Increased By ▲ 1.06 (1.05%)
SILK 1.02 Decreased By ▼ -0.03 (-2.86%)
SSGC 42.70 Decreased By ▼ -1.17 (-2.67%)
SYM 18.40 Decreased By ▼ -0.36 (-1.92%)
TELE 9.22 Decreased By ▼ -0.32 (-3.35%)
TPLP 13.05 Decreased By ▼ -0.03 (-0.23%)
TRG 68.50 Increased By ▲ 2.31 (3.49%)
WAVESAPP 10.45 Decreased By ▼ -0.08 (-0.76%)
WTL 1.79 Increased By ▲ 0.01 (0.56%)
YOUW 4.00 Decreased By ▼ -0.04 (-0.99%)
BR100 12,039 Decreased By -0.8 (-0.01%)
BR30 36,782 Increased By 93.8 (0.26%)
KSE100 114,364 Decreased By -440.4 (-0.38%)
KSE30 35,937 Decreased By -164.9 (-0.46%)

ISLAMABAD: The Federal Board of Revenue (FBR) has suspended the provision of sales tax collection on sugar from the manufacturers on the basis of retail price up to November 30, 2021.

The FBR Thursday issued an SRO989(I)/2021 for not charging sales tax on sugar under the Third Schedule to the Sales Tax Act, 1990 for a specific time period.

According to the notification, in exercise of the powers conferred by the proviso to clause (a) of sub-section (2) of section 3 of the Sales Tax Act, 1990, the federal government has directed that the provisions of S No 50 of Third Schedule to the Sales Tax Act, 1990, shall not be applicable for the period commencing on the July 1, 2021 and ending on November 30, 2021.

The entry number 50 of the Third Schedule to the Sales Tax Act, 1990 is related to the applicability of sales tax on the basis of printed retail price on sugar except where it is supplied as an industrial raw material to pharmaceutical, beverage and confectionery industries.

GST assessment: FBR withdraws fixation of sugar price at Rs60/kg

This sales tax collection mechanism on the basis of printed retail price would not be applicable from July 1, 2021 to November 30, 2021.

Recently, the federal cabinet has decided that the implementation of sales tax on sugar will be at ex-mill price till 30 November 2021.

During last budget, the sales tax was imposed on retail price of sugar and cabinet decision to implement sales tax on ex-mill price would cause a positive impact on prices of sugar and its availability.

Copyright Business Recorder, 2021

Comments

Comments are closed.