| |
|
 |
| For business information, annual reports, laws, ordinances, regulations and articles. |
|
|
|
020712
GOVERNMENT
OF PAKISTAN REVENUE DIVISION CENTRAL BOARD OF REVENUE (SALES TAX WING)
Sales Tax Ruling/Instruction No. 50/2002
C.No.3(1)STP/98
Islamabad, the 12th July, 2002.
To: M/s Packages Limited,
Shahrah-e-Roomi, P.O. Amer Sidhu,
LAHORE.
Subject:-
Adjustment of Sales Tax Act against debit and credit note vide SRO 696(I)96
I am directed to
refer to your letter No.AG-2592, dated 04.06.2002 on the subject cited above and to say
that under sub-rule (3) of Rule 2 of the Debit & Credit Note and Destruction of Goods
Rules, 1996 the supplier shall issue a Credit Note on receipt of the goods returned by the
buyer and the Debit Note. This implies that the Credit Note must be issued immediately
upon receipt of the returned goods and the Debit Note.
2. Under sub-rule (3) of Rule 3, the supplier shall reduce the amount of output tax in the
return for the tax period in which the goods were received. This can only be done if the
Credit Note is issued in the same month. Thus the time limit for issuance of Credit Note
is clearly specified in the aforesaid Rules, starting from the receipt of the returned
goods and the Debit Note till the last day of that calendar month.
(DR. ASHFAQ AHMED TUNIO)
Secretary (ST-L&P)
|
|
|
|
|
|
| Home | About Us | Contact | Information Resources |