Pakistan Yarn Merchants Association (Punjab & Sarhad Zone) action committee chairman Muhammd Ashraf Gandhi has said that the Central Board of Revenue (CBR) has notified procedure for refund of excess input tax to dealers, distributors and wholesalers of goods mentioned in the Third Schedule of Sales Tax Act.
In a statement issued here on Friday, he said that CBR has now issued SRO 889(1) 2005 dated 29-08-2005 to amend the original SRO.
He said that by virtue of this amendment, the facility for refund of excess input tax to dealers, distributors, and wholesalers to utilise the excess amount of input tax against output tax liabilities during three tax periods subsequent to the tax period to which the monthly return containing declaration of such excess input tax has only been extended to goods which were not mentioned in Third Schedule (subjected to ST at the printed retail price).
Distributors, dealers, and wholesalers dealing in the items mentioned in the Third Schedule (subjected to ST at the retail price), who could not file ST returns for the month of July 2005 on the new format, may file revised return in the new format without any penalty or default surcharge, he added.