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.
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.
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
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
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