If the input tax paid by a registered person exceeds the output tax on account of zero-rated local supplies or exports made during the tax period; the excess amount of input tax shall be refunded not later than ___ days.

A. 40

B. 45

C. 50

D. 60

Detail:

The refund of input 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 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 days of filling of refund claim. The excess input tax against supplies other than zero rated or export, such excess input tax maybe carried forward to the next tax period, along with input tax as is not adjustable of sub-sec. (1) of S. 8B. Sec. 62 of the Sales Tax Act allows drawback on re-export, when any goods which have been imported into Pakistan and on which tax has been paid on importation, are reexported outside Pakistan and such things are capable of being identified seven- eight of such tax shall, except as otherwise provided, be paid as drawback, and the provisions of Customs Act, 1969 relating to drawback of customs duties shall, so far as may be applied to such tax, as they apply for the purposes of that Act. The re-export should be made within 2 years from the date of import. FBR can extend the period for one year. FBR is also empowered to change the terms and conditions for the drawback on goods taken into use between importation and re-exportation under Sec. 63 l 64 of the Sales Tax Act. The claim should be made within one year.

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