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
5- Enable customs authorities to allow bonafide amendment in into-bonds goods declaration and thus facilitate trade. #BUDGET2021#C4S
6- Allowing the Collector to extend warehousing period for six months. Reducing the processing time of the requests and promoting ease of doing business.
7- Reducing the time limit allowed for decision of the cases wherein the impugned goods are lying at sea ports, airports or dry-ports and thus decreasing the cost of doing business. #BUDGET2021#C4S
8- Enable customs authorities to issue correction / corrigendum certificate in case of genuine / obvious error and facilitate trade. #BUDGET2021#C4S
9- Inclusion of other law enforcement agencies for the purpose of reward and increasing their motivation. #BUDGET2021#C4S
10- Affording opportunity of being heard to the registered users of WeBOC in accordance with the canons of natural justice. #BUDGET2021#C4S
11- Increasing the period of validity of advance ruling from the current one year to three years in accordance with international benchmarks and facilitating trade
thereof. #BUDGET2021#C4S
12- Provision for the classification committee to avoid unnecessary litigation on account of classification disputes and consequently decreasing the cost of doing business. #BUDGET2021#C4S
13- Removal of fine in case of delay in filing of goods declaration and thereby providing ease of doing business have been proposed. #Budget2021#C4S
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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
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
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...
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
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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.
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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----
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