Imported items: Payment of minimum value addition ST excluded

FBR has excluded payment of minimum value addition sales tax on imported items falling under 3rd Schedule (retail price items) of the Sales Tax Act. These imported items are required to declare retail price or get their goods clear on 30% value addition as retail price. Since sales tax in advance on retail price is already been collected there was no rationale to charge minimum value addition sales tax in terms of 12th schedule of the sales tax act 1990. The same was therefore excluded through notification to rationalize the law.

 

11/9/2019