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021121
GOVERNMENT OF PAKISTAN REVENUE DIVISION CENTRAL BOARD OF REVENUE
Sales Tax Ruling/ Instruction No. 70/2002
(SALES TAX WING)
C. No.3(36)STP/99
Islamabad, the 21st November,2002.
To:
The Collectors,
Sales Tax & Central Excise,
Peshawar, Lahore, Rawalpindi, Gujranwala,
(East) Karachi, (West) Karachi,.
The Collector,
Customs, Sales Tax & Central Excise,
Hyderabad, Multan, Quetta.
The Collector,
Collectorate of Sales Tax,
Faisalabad.
The Collector of Sales Tax,
Office of the Director General,
KARACHI.
Subject:
APPLICATION OF SECTION 73 OF THE SALES TAX ACT, 1990 ON IMPORTED GOODS.
I am directed to refer
to the subject noted above and to say that All Pakistan textile Mills
Association vide letter No.PO/CE/28, dated 13.11.2002 have inquired as to
whether the condition of payment through banking channel within 120 days is
applicable on the goods which are imported by a registered person against letter
of credit of more than 120 days.
2. The matter has been examined in the Board. The condition of payment through
banking channel within 120 days, as mentioned in section 73 of the Sales Tax
Act, 1990, is applicable in the case where supply is made against sales tax
invoice. Since the goods which are imported are supplied by a person residing in
other country and against letter of credit, the condition of payment through
banking channel within 120 days, as mentioned in section 73 of the Sales Tax
Act, 1990 is not applicable in such cases.
(MANZOOR HUSSAIN MEMON)
Secretary (ST-L&P)
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