Federal Excise Duty (FED) Basics
Federal Excise Duty (FED) concepts would not only ensure that the tasks are performed easily but also in the prescribed manner.
Through Finance Act, 2018 Sales Tax Audit under section 25 of the Sales Tax Act, 1990 to be conducted only once in every three (3) years.
Federal Excise Duty (FED) concepts would not only ensure that the tasks are performed easily but also in the prescribed manner.
A taxpayer shall issue a letter of authorization, duly signed by the proprietor, partner or director of the company or, business concern, which shall be submitted by the authorized representative before the adjudicating authority or Appellate Tribunal.
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
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.