- GOVERNMENT OF PAKISTAN
- MINISTRY OF FINANCE,
ECONOMIC AFFAIRS,
- STATISTICS AND REVENUE
- (REVENUE DIVISION)
- *****
- Islamabad, the 25th
November, 2003
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NOTIFICATION
- (SALES TAX)
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S.R.O. 1072(I)/2003.---In
exercise of the powers conferred by section 71 of the Sales Tax Act, 1990,
read with sub-section (2) of section 6 thereof, the Federal Government is
pleased to make the following rules, namely:-
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- 1.
Short title, application and
commencement.—
(1) These rules may be
called the Special Procedure for Payment of Sales Tax on Sugar
(Purchase by Trading Corporation of Pakistan) Rules, 2003.
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(2)
These rules shall apply to the extent of supply of two hundred thousand
metric tons of sugar sold by the registered manufacturers of sugar to the
Trading Corporation of Pakistan (TCP) for further supply/export thereof.
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(3)
They shall come into force at once.
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- 2.
Definitions.—
(1) In these rules,
unless there is anything repugnant in the subject or context,--
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(a)
“TCP” means Trading Corporation of Pakistan; and
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(b)
“mill” means the registered manufacturer of sugar from whom
sugar is purchased by TCP
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as buffer stock.
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(2)
The words
and expressions used, but not defined herein, shall have the same meaning
as assigned to them in the Act.
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- 3.
Manner of payment of tax.—
(1) Upon successful
grant of tender for purchase of sugar, TCP will only pay the value of
supply of sugar to the mills excluding the amount of sales tax against a
‘Commercial Invoice’ issued by the mills.
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(2)
At the time
of removal of sugar from the mill premises, the mill will issue a sales
tax invoice in favour of TCP who will accordingly pay to the mill the
amount of sales tax due on the quantity being removed from the mill.
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(3)
In the
event of removal of sugar by TCP for export purposes, the mill will issue
a zero rated tax invoice, against which no sales tax shall be payable.
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- 4.
Relevant tax period.—
The mill will show the value of sugar sold to the TCP and the tax
chargeable thereon in the monthly tax return as well as in its supply
register relating to the tax period in which the sales tax invoice has
been issued by the mill in favour of TCP.
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- 5.
Monthly statement by TCP.—
The TCP shall submit a monthly statement to the Central Board of Revenue
as well as to the Collectorate of Sales Tax concerned in the format set
out at Annex-A.
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ANNEX-A
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[See rule 5 ]