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#C4S2- 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
Jun 11, 2021 • 13 tweets • 5 min read
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#C4S2- Section 2(37)(iii): The word “of” is inserted to correct drafting error.
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#C4S2- 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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Jun 11, 2021 • 9 tweets • 5 min read
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.
Jun 11, 2021 • 5 tweets • 2 min read
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#C4S2- Inclusion of the retailing in definition of smuggling to discourage retailers from selling smuggled goods. #Budget2021#C4S
Jun 11, 2021 • 12 tweets • 6 min read
LEGISLATIVE CHANGES IN CUSTOMS ACT 1969:
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#C4S3- 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
Jun 11, 2021 • 7 tweets • 4 min read
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#C4S2- Extension in exemption from customs duties on import of COVID-19 related items for further six month. #Budget2021#C4S