Islamabad: The Federal Board of Revenue (FBR) has discovered misdeclarations in the details of the supply and purchase in sales tax returns, according to a news story published on Saturday (April 9).
As per the details, the FBR mentioned that the analysis of the data in the system revealed some distributors, dealers, wholesalers, and importers were misusing the automated facilities. It was disclosed that wholesalers and importers were fraudulently declaring sales of goods irrespective of the purchases in violation of the law.
In order to ensure transparency, it was decided that the sales of goods by wholesalers, importers, distributors, and dealers under HS code as declared in the sales tax return will be allowed on the basis of goods under the said HS Code as declared in Annex-A and Annex-B of the sales tax return by the taxpayers with effect from April 1. According to FBR, the Sales Tax Act 1990 directs the taxpayers, registered with the FBR, to correctly declare sales and purchases in the monthly sales tax return.
Iqra holds BS in International Relations and is passionate about writing engaging content on trending real estate topics. When not working, she is either spending time with family, shopping, or discussing shows & movies.
