The Federal Board of Revenue (FBR) has directed the manufacturers of lead batteries to deduct 80 percent of the applicable sales tax from any kind of lead supplier, instead of the previous rate of 75 percent.
To curb the use of fake and flying invoices, some important amendments have been made in the Eleventh Schedule to the STA through the Finance Act, 2024, FBR’s new sales tax circular said.
The registered persons receiving supplies of the following goods are now required to deduct sales tax as under:
Cement manufacturers are required to withhold 80 percent of applicable sales tax from any persons supplying gypsum under Chapter 25 (PCT headings 2520.1010, 2520.1020, 2521.0000) or limestone flux under Chapter 25 (PCT headings 2520.1010, 2520.1020, 2521.0000).
Registered persons are required to withhold 80% of the applicable sales tax from suppliers of Coal under Chapter 27 (PCT headings 2701.1100, 2701.1200, 2701.1900, 2701.2000, 2704.0010, 2704.0020, 2704.0090).
The registered persons receiving supplies of waste of paper and paper board; Plastic waste, crushed stone, and silica are now required to deduct sales tax.
Furthermore, manufacturers of lead batteries are now also required to deduct 80% of the applicable sales tax from any kind of lead supplier, instead of the previous rate of 75%, FBR added.
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