The document summarizes key changes made by the Finance Act 2009 to the Sales Tax Act of 1990 in Pakistan. Some key amendments include reducing the time for tax orders from 120 to 60 days, allowing refunds to registered persons besides adjustments, including default of section 40B, amending the withholding rules to include LTU taxpayers and expand the scope of withholding agents, and making various changes to tax rates and exemptions through SROs. Issues around the withholding rules amendments are also noted regarding applicability to exempt persons and supplies as well as input tax credit restrictions.
My treatise on Constitution of Appellate Authority for Advance Ruling in the ...CA PRADEEP GOYAL
My treatise on Constitution of the Appellate Authority for Advance Ruling in the Union territories in GST Considering all relevant statutory provisions and Notification No. 15/2018 -Union Territory Tax dated 08th October 2018 issued by Department of Revenue [Ministry of Finance] related to constitution of Appellate Authority for Advance Ruling in the Union territories in GST with effect from 8th October 2018.
My treatise on Constitution of Appellate Authority for Advance Ruling in the ...CA PRADEEP GOYAL
My treatise on Constitution of the Appellate Authority for Advance Ruling in the Union territories in GST Considering all relevant statutory provisions and Notification No. 15/2018 -Union Territory Tax dated 08th October 2018 issued by Department of Revenue [Ministry of Finance] related to constitution of Appellate Authority for Advance Ruling in the Union territories in GST with effect from 8th October 2018.
Session 3/3 Day 1. Audio Commentary by Anthony Williams (FPFA,LLB) to be added soon. For 1 on 1 discussion call +92-321-4409009, 0321-4409009, 92-42-35925972
Session 2/3 Day 1. Audio Commentary by Anthony Williams (FPFA,LLB) to be added soon. For 1 on 1 discussion call +92-321-4409009, 0321-4409009, 92-42-35925972
Session 2/3 Day 1. Audio Commentary by Anthony Williams (FPFA,LLB) to be added soon. For 1 on 1 discussion call +92-321-4409009, 0321-4409009, 92-42-35925972
Session 1/3 Day 1. Audio Commentary by Anthony Williams (FPFA,LLB) to be added soon. For 1 on 1 discussion call +92-321-4409009, 0321-4409009, 92-42-35925972
This book provides clause-by-clause analysis of the Finance Bill, 2021. All complex provisions have been explained with illustrations which helps the readers to comprehend the new provisions, in a simplified manner. This book covers analysis on the following:
Direct Taxes
Indirect Taxes (Including GST & Customs)
Corporate Laws
The Present Publication is the Latest Edition, authored by Taxmann’s Editorial Team, with the following coverage:
Tax Rates
Profits and Gains from Business or Profession
Capital Gains
Other Sources
Charitable Trusts
Deductions
TDS and Advance Tax
Return of Income
Assessments
Appeals and Dispute Resolution
Miscellaneous
Amendments Proposed under the GST Laws
Amendments Proposed under the Customs laws
Additional Infrastructure and Development Cess
Amendment under the Central Sales Tax Act
Amendments under the Customs Tariff Act
Amendments Proposed under the Corporate Laws
The detailed coverage of the book is as follows:
Tax Rates
Profits and Gains from Business or Profession
Capital Gains
Other Sources
Session 3/3 Day 1. Audio Commentary by Anthony Williams (FPFA,LLB) to be added soon. For 1 on 1 discussion call +92-321-4409009, 0321-4409009, 92-42-35925972
Session 2/3 Day 1. Audio Commentary by Anthony Williams (FPFA,LLB) to be added soon. For 1 on 1 discussion call +92-321-4409009, 0321-4409009, 92-42-35925972
Session 2/3 Day 1. Audio Commentary by Anthony Williams (FPFA,LLB) to be added soon. For 1 on 1 discussion call +92-321-4409009, 0321-4409009, 92-42-35925972
Session 1/3 Day 1. Audio Commentary by Anthony Williams (FPFA,LLB) to be added soon. For 1 on 1 discussion call +92-321-4409009, 0321-4409009, 92-42-35925972
This book provides clause-by-clause analysis of the Finance Bill, 2021. All complex provisions have been explained with illustrations which helps the readers to comprehend the new provisions, in a simplified manner. This book covers analysis on the following:
Direct Taxes
Indirect Taxes (Including GST & Customs)
Corporate Laws
The Present Publication is the Latest Edition, authored by Taxmann’s Editorial Team, with the following coverage:
Tax Rates
Profits and Gains from Business or Profession
Capital Gains
Other Sources
Charitable Trusts
Deductions
TDS and Advance Tax
Return of Income
Assessments
Appeals and Dispute Resolution
Miscellaneous
Amendments Proposed under the GST Laws
Amendments Proposed under the Customs laws
Additional Infrastructure and Development Cess
Amendment under the Central Sales Tax Act
Amendments under the Customs Tariff Act
Amendments Proposed under the Corporate Laws
The detailed coverage of the book is as follows:
Tax Rates
Profits and Gains from Business or Profession
Capital Gains
Other Sources
To consolidate the law relating to the taxation of incomes and donations, to provide for the recovery of taxes on persons, to provide for the deduction by employers of amounts from the remuneration of employees in respect of certain tax liabilities of employees, and to provide for the making of provisional tax payments and for the payment into the National Revenue Fund of portions of the normal tax and interest and other charges in respect of such taxes, and to provide for related matters.
ICAI Union Budget 2023 Highlights – Indirect Taxes.pptxtaxguruedu
Amendments proposed in the CGST Act,
2017 To be effective from a date to be notified after the enactment of the Finance Bill, 2023 Amendments in Section 10 Clause (d) of sub-section (2) and clause (c) of sub-section (2A) in section 10 of the CGST Act is proposed to be amended so as to remove the restriction imposed on registered persons engaged in supplying goods through electronic commerce operators from opting to pay tax under the Composition Levy
The Present Publication is the 57th Edition & Updated till Income-tax (20th Amendment) Rules, 2020 with the following noteworthy features:
·Taxmann’s series of Bestseller Books for more than Five
Decades
· Incorporates all the changes made till the Income-tax (20th
Amendment) Rules, 2020
· Follows the Six Sigma Approach to Achieve the Benchmark of
‘Zero Error’
· Coverage of this book includes:
o All Rules and Schemes, which are either notified under the Income-tax Act or are referred to in different provisions of the Income-tax Act, are covered
o Contains 23 divisions covering all Rules relevant under the Income-tax Act i.e.,
§ Income-tax Rules
§ ICDS
§ STT Rules
§ Equalisation Levy Rules
§ Small Saving Schemes, etc.
· All Forms Carry Action Points that explains the Relevant
Provisions and Process of Filing
· All Redundant and e-Forms are Marked for Quick
Identifications
Finance bill 2015 16_Changes Proposed in Sales Tax Act, 1990Muhammad Ijaz Syed
Changes proposed through Finance Bill 2015-16 in Sales Tax Act, 1990.
Wherever strike through is used in this document means deletion or omission. Yellow highlight represent new additions
Taxmann's GST Tariff with GST Rate Reckoner (Set of 2 Volumes)Taxmann
Taxmann’s GST Tariff contains GST Tariff for Goods and Services. It provides HSN-wise and SAC-wise Tariff of all the Goods and Services.
The Present Publication is the 14th Edition, authored by Taxmann’s Editorial Board, is amended up to 1st February 2021, with the following noteworthy features:
Taxmann's series of Bestseller Books on GST Tariff
Follows the six-sigma approach, to achieve the benchmark of 'zero error'
The Present Publication is published in two volumes & divided into 6 divisions, which are listed as follows:
•GST Tariff for Goods with HSN Code
Rates Specified in other Acts
•GST Rate Reckoner for Goods/Commodity Index
•GST Tariff for Services
Services Index
•GST Tariff Notifications (Rate of Tax and Exemptions)
The details coverage of the book is as follows:
•GST Tariff for Goods with HSN Code
•Arrangement of Chapters
•GST Tariff for Goods with HSN Code
•General Rules for the Interpretation of this schedule
•Rates Specified in other Acts
•Rates specified in Central Excise Act
•National Calamity Contingent Duty
•Additional Duty on Tobacco
•Additional Duty on Motor Spirit (Petrol)
•Additional Duty on High Speed Diesel Oil
•Special Additional Excise Duty on Motor Spirit and High Speed Diesel Oil
•Road & Infrastructure Cess
•Agriculture Infrastructure and Development Cess
•GST Rate Reckoner for Goods/Commodity Index
•GST Tariff for Services
•Arrangement of Services
•Central Goods & Services Tax/State Goods & Service Tax Tariff for Services
•Integrated Goods & Services Tax Tariff for Services
•Compensation Cess
•Rate of Tax and Exemption Notifications for Services
•Reverse Charge in case of intra-State supplies of services
•Reverse Charge in case of inter-State supplies of services
•Notified categories of services the tax on intra-State/inter-State supplies of which shall be paid by electronic commerce operator
•No refund of unutilised Input Tax Credit
•Notified registered persons who shall pay tax on reverse charge basis on certain specified supplies of goods or services or both received from an unregistered supplier
•Notified rate of tax to be levied on specified first intra-State supplies of goods or services
•Latest Clarifications
•Latest Case Laws
•Explanatory Notes
•Services Index
•GST Tariff Notifications (Rate of Tax and Exemptions)
The Government has enacted the CGST (Amendment) Act, 2018, the IGST (Amendment) Act, 2018, by publication in official Gazette to amend the respective GST Acts.
In this regard, we have captured major amendments in CGST Act, 2017 and IGST Act, 2017 for your perusal
The Cayman Islands, an autonomous British Overseas Territory in the Caribbean, is building a regulatory framework for “virtual asset service providers” (VASPs).
Indian Finance Bill 2020 was tabled in Lok Sabha on March 23, 2020 along with certain Amendments to it and the bill was passed by the House on the same day. A discussion on these amendments have been captured in the note herewith. Inter-alia, Finance Act 2016 is also amended wherein, Equalization Levy at 2% on E-commerce operator for supply of goods and services is also included.
Taxmann's LLP Manual is a compendium Amended, Updated & Annotated text of the Limited Liability Partnership Act, 2008 (as amended by the Limited Liability Partnership (Amendment) Act, 2021) along with Rules, Circulars, and Notifications.
This book is divided into four divisions:
• Limited Liability Partnership Act, 2008
• Limited Liability Rules
• Circulars & Notifications
• Foreign Direct Investment in Limited Liability Partnership
The Present Publication is the 8th Edition & amended up to 13th August 2021, authored by Taxmann's Editorial Board, with the following noteworthy features:
• [List of Amendments, at a glance] made by the Limited Liability Partnership (Amendment) Act, 2021
• [Short Commentary] on the following:
◦ Limited Liability Partnership (Amendment) Act, 2021
◦ Limited Liability Partnership Act, 2008
• [Integrated LLP Rules, Circulars & Notifications, FDI Policy, FEMA Regulations]
◦ Limited Liability Partnership Rules, 2009 as amended up to date
◦ Limited Liability Partnership (Winding up and Dissolution) Rules, 2012
◦ Text of LLP Circulars & Notifications
◦ FDI Policy related to LLPs
◦ FEMA Regulations & Schedules related to LLPs
• [Taxmann's series of Bestseller Books] on LLP Laws
• [Follows the six-sigma approach] to achieve the benchmark of 'zero error'
SEBI(LODR) Regulations, 2015 - Obligations on listing of specified securities...DVSResearchFoundatio
Key Takeaways:
Disclosures of material events or information
Holding of specified securities and shareholding pattern
Conditions for re-classification of a person as promoter / public
Statement of deviations or variations
This presentation covers the types of audit, its practical implications, tools for conducting audits, how to plan an audit, and what the outcomes of audit planning and finally how to execute an audit.
Presented to members of the Institute of Chartered Accountants of Pakistan. The presentation covers the AMLA 2010, Rules 2008, Regulations, FMU and its functions, Red Alerts, and the schedule containing predicate offences.
A comparative study of Sales Tax Acts of the Provinces. The Constitutional Backing and issues involved. Also included are changes introduced through Finance Acts 2016 of the Provinces
PPRA rules 2004, Rules relating to Procurement by procuring agencies i.e. Institutions coming under the Federal Government. Guidelines for procurement. Topic relating to commercial functions of Government's procurement agencies
"Turning Goals into Results". Presentation based on article by Jim Collins. Explaining how big and audacious goals can be turned into reality? How to think out of box? How you can convert dreams into reality?
1. FINANCE ACT 2009
CHANGES IN SALES TAX ACT,
1990
Presented By
Syed Muhammad Ijaz, FCA, LL.B.
2. SYNOPSIS OF AMENDMENTS
Section 8B amended to allow refund to registered person beside adjustment
that was already allowed u/s 8B(2)
Section 11 being changed to reduce the time of extension in passing the order
from 120 to 60 days. However, for calculation of such 60 days adjournments
by petitioner, stays, ADR proceeding be excluded and such exclusion shall
not in any case exceed 30 days
Amendments in section 36 (for recovery of tax not levied or short levied)
made similar to section 11
Amendments in section 45B (Appeal to Collector of Appeals) made similar
to section 11
Section 34 changed to incorporate Kibor plus three percent for calculation of
additional tax. Kibor also defined u/s 2 clause 14A. Compensation for
delayed refund u/s 67 is also linked with Kibor
3. Section 38 amended to allow only board to give authority to
officers to access the record, previously this was with collector as
well
Section 47 amended to give reference to section 194-A, B and C
of the customs Act for making reference to High Court.
Subsections 3,4,5,6,7,8 and 9 being redundant now are omitted
Section 47A changed to extend the time of ADR’s
recommendation from 60 to 90 days
If the Committee fails to give recommendation the board can dissolve the
committee and constitute a new committee that shall decide in further 90
days. Still no recommendation the matter then be taken to appropriate
level for resolution
If recommendation is received within time by the board then board shall
within 45 days decide the matter previously there was no such limit
4. Section 33 subsection 12 amended to include default
(i.e. obstruction to officers) of section 40B (posting of
officers at premises by the board)
AMENDMENTS IN 6TH SCHEDULE TABLE 1
Onions and shallots
Grains Dry whole and split
Seeds for sowing
Beans and others
News print in Rolls or sheets
Tractors, bulldozers and combined harvesters
Table 2
Seeds
Onions and Shallots
5. SROs AND CIRCULARS
SRO 509(I)/2007 Goods charged to tax at zero rate (import and supply). Clause 2
amended through SRO 471(1)/2009 to exclude monofilament, sun shedding, fishing
nets of nylon and others, polyethylene or nylon ropes and tire cord fabrics under
respective headings (w.e.f June 14, 2009 )
SRO 549(i)/2008 Goods charged to tax at zero rate amended through SRO
472(I)/2009 to restrict zero rating of plant and machinery to items not specified in
annexure to the said SRO w.e.f June 14, 2009.
SRO 549(i)/2008 Goods charged to tax at zero rate further amended through SRO
625(I)/2009.
SRO 551(I)/2008 amended via SRO 473(I)/2009 to include cinematographic film
exposed in Sales tax exempt goods. W.e.f June 14, 2009
SRO 542(I)/2008 changed via SRO 476(I)/2009 to reduce amount of sales tax on
import or supply of per hand set of cellular phone from 500 Rs. To 250 Rs. (w.e.f July
1, 2009)
SRO 1007(I)/2005 amended via SRO 477(I)/2009 to include lysine monohydro
sulphate in exempted poultry feed and meal w.e.f June 14, 2009
Circular 2 of 2009 to grant amnesty in revision of returns incases where discrepancy
notices are issued – Amnesty ends on 31st july, 2009
6. SRO 603(I)/2009 AMENDMEND
IN WITHHOLDING RULES
Definition changed to include LTUs taxpayers and expand
withholding agents scope
All purchases by LTUs taxpayers from unregistered persons are
effected
Registered person are required to withhold tax from payments
made at the applicable rates
Tax so withheld is adjustable by registered persons subject to
section 7, 8, 8b and 73
Legal Lacuna
What about persons exempt from tax under any SRO or 6th schedule
What about supplies that are exempt under SRO or 6th schedule
What about application of section 7 that allows input only if invoice is
available in present cases since the purchase is from unregistered who
cannot issue invoice u/s 23 which virtually means input disallowance.