Hadi Associates recorded output tax of PKR 663,850 and input tax of PKR 627,662 for the tax period. After deducting input tax from output tax, the sales tax payable is PKR 66,385. Hadi Associates is also liable to pay further tax of PKR 27,600 for the period.

1. Hadi Associates
Output Tax:
To Registered Persons 1 2,835,000 17% 481,950
To Un-registered Persons 2 920,000 17% 156,400
3% 27,600
Exports 1,500,000 0% -
Business meeting 150,000 17% 25,500
1,500,000 3,905,000 - 663,850 27,600
Debit Note (Returns)
1,500,000 3,905,000 - - 663,850 27,600
Input Tax:
From Registered Supplier 3 1,655,000 459,297 1,195,703 17% 78,080 203,270
Machine 2,500,000 693,802 1,806,198 17% 117,946 307,054
Electricity bill 13,000 3,608 9,392 3,608 9,392
Input tax b/f 415,000
627,662
199,635 597,465
(199,635) 66,385 27,600 (307,054)
1
To Registered Persons 2,750,000 Output Tax 663,850
Discount to associate 75,000
Customer in Multan (120,000) Input Tax
End Consumer 130,000 Purchases 203,270
2,835,000 Electricity bill 9,392
2 Input b/f 415,000
To Un-registered Persons 1,050,000 627,662
End Consumer (130,000) 90% of Output 597,465
920,000 Which ever is less (597,465) (597,465)
3 Sales Tax Payable 66,385
From Registered Supplier 1,890,000 - Input on Machine (307,054)
Haq Enterprises - Reg suspended (100,000) Input c/f - fixed asset (240,669)
Cash purchases (85,000)
AB Traders (50,000) Input c/f - supplies (30,197)
1,655,000
Further Tax Payable 27,600
Refund on zero rated (199,635)
Notes
Gross
Value
Value exclusive Sales Tax
Rate
Sales Tax
Exempt
Taxable
Exempt
Taxable
Zero
rated
Residual
Zero
rated
Residual
Further
Tax
Fixed
Assets