ISLAMABAD (July 17 2010): The board-in-council meeting of the Federal Board of Revenue (FBR) to be held on July 19 would discuss the proposed strategy to implement the reformed general sales tax (GST). It is learnt here on Friday that the board-in-council headed by FBR Chairman Sohail Ahmed would analyse different aspects of the reformed GST including its actual revenue impact, sales tax collection on services, input tax adjustments and other issues involved in implementation of the reformed GST.
The potential of sales tax on goods and services would be separately be discussed in the light of constitutional position where collection of sales tax on services is the right of provinces. The issue of increased tax adjustments in the reformed GST and Expeditious Refund System would also come under discussion. The concerned FBR members would brief the council on recent developments on the Tax Administration Reform Project (TARP) and value added tax (VAT).
Under the reformed GST, the status of items operating in the existing Third Schedule of the Sales Tax Act, 1990 would also be discussed during the board-in-council meeting. If items of Third Schedule of the Sales Tax Act have been brought into the standard sales tax regime, 15 or 16 percent sales tax would be applicable on the sale of fruit juices and vegetable juices, icecream, aerated waters or beverages, syrups and squashes, cigarettes, toilet soap, detergents, shampoo, toothpaste, shaving cream, perfumery and cosmetics, tea, powder drink, milky drink, toilet paper and tissue paper, spices sold in retail packing bearing brand names and trade marks and shoe polish and shoe cream.
-www.brecorder.com
The potential of sales tax on goods and services would be separately be discussed in the light of constitutional position where collection of sales tax on services is the right of provinces. The issue of increased tax adjustments in the reformed GST and Expeditious Refund System would also come under discussion. The concerned FBR members would brief the council on recent developments on the Tax Administration Reform Project (TARP) and value added tax (VAT).
Under the reformed GST, the status of items operating in the existing Third Schedule of the Sales Tax Act, 1990 would also be discussed during the board-in-council meeting. If items of Third Schedule of the Sales Tax Act have been brought into the standard sales tax regime, 15 or 16 percent sales tax would be applicable on the sale of fruit juices and vegetable juices, icecream, aerated waters or beverages, syrups and squashes, cigarettes, toilet soap, detergents, shampoo, toothpaste, shaving cream, perfumery and cosmetics, tea, powder drink, milky drink, toilet paper and tissue paper, spices sold in retail packing bearing brand names and trade marks and shoe polish and shoe cream.
-www.brecorder.com
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