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A basic understanding of Federal Excise Duty (FED) concepts would not only ensure that the tasks are performed easily but also in the prescribed manner.
deduction of amount of duty paid on goods used in the manufacture or production of other goods from the amount of duty payable on such other goods in the prescribed manner
a person appointed by a manufacturer in or for a specified area to purchase goods from him for sale to a wholesale dealer in that area;
in relation to furnishing a return under section 4, means the 15th day of the month following the end of the month, or such other date as the Board may, by notification in the official Gazette, specify and different dates may be specified for furnishing of different parts or annexures of the return.
all excisable goods specified in the First Schedule except those which are exempt under section 16 of the Act;
a supply of dutiable goods made by a manufacturer other than a supply of goods which is exempt under section 16 of the Act;
an authority given by a franchiser under which the franchisee is contractually or otherwise granted any right to produce, manufacture, sell or trade in or do any other business activity in respect of goods or to provide service or to undertake any process identified with franchiser against a fee or consideration including royalty or technical fee, whether or not a trade mark, service mark ,trade name, logo, brand name or any such representation or symbol, as the case may be, is involved;
goods leviable to excise duty under this Act or as specified in the First Schedule and includes goods manufactured or produced in non-tariff area and brought for use or consumption to tariff area;
includes fire, marine, theft, accident and other such miscellaneous insurance;
respectively bringing into, and taking out of Pakistan by sea, land or air and shall be deemed to have always been so defined;
Karachi Inter Bank Offered Rate prevalent on first day of each quarter of the financial year
Azad Jammu and Kashmir, Northern Areas and such other territories or areas to which this Act does not apply;
an authority given by a franchiser under which the franchisee is contractually or otherwise granted any right to produce, manufacture, sell or trade in or do any other business activity in respect of goods or to provide service or to undertake any process identified with franchiser against a fee or consideration including royalty or technical fee, whether or not a trade mark, service mark,trade name, logo, brand name or any such representation or symbol, as the case may be, is involved;
a person who isregistered or is required to be registered under this Act provided that a person who is not registered but is required to be registered shall not be entitled to any benefit or privilege under this Act or rules made there under, unless he is registered and such benefit and privilege, unless allowed by Board, shall be confined to period of registration;
with their grammatical variations and cognate expressions, mean any transfer of the possess on of goods or rendering and providing of services by one person to another in the ordinary course of trade or busi ness for cash or deferred payment or other consideration;
services, facilities and utilities leviable to excise duty under this Act or as specified in the First Schedule read with Chapter
includes sale, lease or other disposition of goods and shall include such transaction as the Federal Government may notify in the official Gazette from time to time;
area other than the non-tariff area;
a person who buys or sells goods wholesale for the purpose of trade or manufacture, and includes a broker or commission agent who, in addition to making centrals for the sale or purchase of goods for others, stocks such goods belonging to others as an agent for the purpose of sale;
duty of Federal excise levied and charged at the rate of zero per cent under section 5 of this act.
For further information and clarification on various Federal Excise Duty (FED) concepts, kindly refer to the:
Sales Tax Basics
Before Registration and Filing of your Sales Tax Return, it is recommended that one should establish basic understanding regarding these processes. Knowledge of basic concepts would not only ensure that the tasks are performed easily but also in the prescribed manner.
if tax paid by a registered person on taxable purchases made during a tax period exceeds the output tax on account of zero rated local supplies or export made during that tax period, the excess amount of input tax shall be refunded to the registered person not later than 45
Sales tax registered person must keep a record in English or Urdu of all the goods and services supplied, purchased or imported in the course of business.
Record should contain following details of goods supplied or services rendered:
Description.
Quantity.
Value.
Name and address of the