S.R.O. 673 (I)/2004.– In exercise of the powers conferred by section 71 of the Sales Tax Act, 1990, read with clause (9) of section 2, section 3, 3AA and 4, sub-section (2) of section 6, section 7A, clause (b) of sub-section (1) of section 8, clause (a) of sub-section (2) of section 13, section 26AA and 34A, and the first and second provisos to section 45 thereof, the Federal Government is pleased to direct that following further amendments shall be made in the Sales Tax Special Procedure Rules, 2004, namely:-
In
the aforesaid rules, –
(a)
in rule 16, in sub-rule (1), for clause (e), the following shall be
substituted, namely:-
Explanation:
For a particular tax period the value for which the goods are acquired shall be
the sum of the values indicated in all the invoices, bills, vouchers, cash
payment slips and cash memos against which the goods are purchased by a retailer
in a tax period.”;
(b)
for rule 19, the following shall be substituted, namely:-
“19.
Determination of sales tax liability.– A retailer shall pay retail
tax on his monthly value addition, at the rate specified under sub-section (1)
of section 3 of the Act.
Provided
that the value addition, in percentage terms, shall not be less than ten per
cent of the total value of purchases made during the said period.
(c)
for rule 20, the following shall be substituted, namely:-
“20.
Record keeping and invoicing.––
A retailer shall issue cash memo for each supply in the form as set out in Annex
‘B’ and shall maintain record of purchases indicating description, quantity
and value of goods purchased both excluding sales tax and value inclusive of
sales tax, separately and the name and address of the seller.”; and
(d) in rule 21, in
sub-rule (2) for the word “sales” occurring twice, the word “purchases”
shall be substituted; and
(e) after rule 21, for "Annex-A"
the following shall be substituted, namely:―.