Discover and read the best of Twitter Threads about #c4s

Most recents (9)

Withholding TAX u/s 153 , 231 & 236 have been proposed to be withdrawn in Finance Bill 2021-22:

1- Collection of tax on payment of royalty to residents has been removed.

2- Collection of tax on cash withdrawal has been withdrawn #Budget2021 #C4S
3- Collection of tax on banking instruments has been removed.

4- Collection of tax on banking transactions other than through cash has been withdrawn.
#Budget2021 #C4S
5- Collection of tax from persons remitting amounts abroad through credit or debit or prepaid cards has been withdrawn.

6- Collection of tax on domestic and international air travel has been abolished.
#Budget2021 #C4S
Read 6 tweets

1- Special regime for export of services at par with export of goods to be taxed @ 1% under final tax regime.

2- Elimination of block taxation of property income and shift to normal tax regime.

#Budget2021 #C4S
3- Reduction of block taxation on capital gain on disposal of immoveable properties if gain exceeds Rs. 20 million.

4- Reduction in block taxation on interest income, if it exceeds Rs. 5 million.

#Budget2021 #C4S
5- Tax on “on” money on vehicles, if vehicle is disposed without registration.

6- Expansion of scope of withholding tax collection from supply chain below manufacturers and importers of specified sectors (sections 236G and 236H).
#Budget2021 #C4S
Read 7 tweets

1- In order to facilitate the people of tribal area and encourage investment and economic growth in these areas, exemption is being given from levy of FED to the industrial units located in FATA and PATA.
#Budget2021 #C4S
2- The provision to revise return without prior approval of the Commissioner-IR which is available in Sales Tax Act, 1990 is now proposed to be made available in Federal Excise Act, 2005. #Budget2021 #C4S
3- Exemption from federal excise duty to 4-wheelers granted vide granted vide Tax Laws (Amendment) Ordinance, 2021 is proposed to be incorporated in the Federal Excise Act. #Budget2021 #C4S
Read 9 tweets
For the purpose of Ease of Doing Business for registered persons amendment in various provisions of the Sales Tax Act 1990 has been proposed:

1- Section 2(4AA): A new definition has been inserted to define Commissioner (Appeals).

#Budget2021 #C4S
2- Section 2(37)(iii): The word “of” is inserted to correct drafting error.

#Budget2021 #C4S
3- Section 3- 2(43A)(g): The definition of tier-1 retailer is streamlined through insertion of a new clause whereby a retailer who has acquired point of sale accepting payment through debit or credit cards from banking companies or any other digital payment service...
Read 13 tweets
As a RELIEF MEASURES in Sales Tax Below amendments/ Changes have been proposed;

1- The minimum annual threshold of turnover from all supplies for cottage industry is proposed to be increased from Rs. 3 million to Rs. 10 million.
#Budget2021 #C4S
2- The threshold of shop area in case of furniture outlet/showrooms is proposed to be increased from 1000 square feet to 2000 square feet for inclusion in tier1 retailer.

3- Public limited companies are proposed to be excluded from the purview of section 8B. #Budget2021 #C4S
4- A separate section introduced for allowing extension of time for furnishing of return.
5- Exemption is proposed to be granted to art and printing paper for publication and printing of Holy Quran.
Read 17 tweets
The proposed budgetary measures pertaining to SALES TAX for FY 2021-22 are:

To increase revenue from indirect taxes following measeures have been proposed;
1- The sale of goods through online market place is proposed to be brought into----

#Budget2021 #C4S
the sales tax net by deeming the online market place as supplier in respect of third party sales through their platform.

2- For specified goods, it is proposed that it may be made mandatory for manufacturers of such goods to obtain brand license for each separate brand or SKU.
3- Section 56C provides for prize scheme to promote tax culture. To ensure that the said incentive is not misused, a new sub-section is proposed to be inserted to provide for randomize “mystery shopping”.
#budget2021 #C4S
Read 9 tweets
Few ENFORCEMENT FEATURES have been proposed to include in CUSTOMS ACT 1969;

1- Inclusion of master bill of lading and certificate of origin in the existing definition of document to discourage origin fraud.
#Budget2021 #C4S
2- Inclusion of the retailing in definition of smuggling to discourage retailers from selling smuggled goods.
#Budget2021 #C4S
3- Making shipping lines responsible for re-export of banned items imported in commercial quantities.
#Budget2021 #C4S
Read 5 tweets

1- Introduction of a concept of Common bonded warehousing to encourage Small and Medium Enterprises.

2- Empowering Collector of customs to determine customs value there by facilitating trade.
#Budget2021 #C4S
3- Enabling the Director General Valuation to take appropriate decision on appeal and capping the time limit for such proceedings. Facilitation of trade by
avoiding time consumed in unnecessary litigations.
#BUDGET2021 #C4S
4- Allowing the importers to amend manifest till berthing event without seeking approval from custom authorities and hence ease of doing business.
#BUDGET2021 #C4S
Read 12 tweets
In order to provide RELIEF TO COMMON MAN following measures /changes have been proposed;
1- Reduction of ACD on goods falling under 2436 tariff lines pertaining to 20% customs duty slab from 7% to 6%.
#Budget2021 #C4S
2- Extension in exemption from customs duties on import of COVID-19 related items for further six month.
#Budget2021 #C4S
3- Exemption of CD &ACD on Inputs of Ready-To-Use Supplementary Foods (RUSF) and Ready-To-Use Therapeutic Food (RUTF).
#Budget2021 #C4S
Read 7 tweets

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