ISLAMABAD (November 20 2002) : The Central Board of Revenue (CBR) has extended the time period for filing of sales tax returns by the textile and ginning industry for tax month of November 2002.
The textile units can deposit tax returns up to December 15, instead of December 10, whereas time period for ginning units has been extended from December 15 to December 20.
For this purpose, the tax authorities would shortly issue a notification under section 74 of Sales Tax Act, 1990.
The CBR has finalised relevant instructions for All Pakistan Textile Mills Association (Aptma, National Bank of Pakistan (NBP) and collectors of sales tax for timely implementation of the decision.
Official sources told Business Recorder that the tax authorities have taken the decision in view of coming Eid holidays falling on December 6-8, 2002, which would make it difficult for the textile/ginning industry to timely deposit sales tax returns.
Meanwhile, Aptma has moved a summary to the sales tax department pertaining to the extension in the time period for filing of tax return.
The CBR has examined the issue and decided to give relaxation of five days for filing of sales tax returns by the ginning/textile industry.
The time period has been extended as per laid down procedure in rule 6 of the Special Procedure for Ginning Industry Rules 1996.
According to the notification, “Board has extended the period for the deposit of sales tax on cotton under the Special Procedure for Ginning Industry Rules 1996 for tax month November 2002”.
