KIBOR defination under Sales Tax

KIBOR defination under Sales Tax - Printable Version

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KIBOR defination under Sales Tax - ArsalanYousuf - 03-12-2011

The expression âKIBORâ means Karachi Inter-Bank offered rate prevalent on the first day of each quarter of the financial year;

"the person liable to pay any amount of tax or charge or the amount of refund erroneously made, shall pay default surcharge at the rate of 1KIBOR plus three per cent per annum of the amount of tax due or the amount of refund erroneously made"

Please need explaination

For Eg
Ager ajj main surcharge pay kerna chata hoon toh konsa rate lunga?

- bashi - 03-15-2011

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by ArsalanYousuf
 The expression âKIBORâ means Karachi Inter-Bank offered rate prevalent on the first day of each quarter of the financial year;

"the person liable to pay any amount of tax or charge or the amount of refund erroneously made, shall pay default surcharge at the rate of 1KIBOR plus three per cent per annum of the amount of tax due or the amount of refund erroneously made"

Please need explaination

For Eg
Ager ajj main surcharge pay kerna chata hoon toh konsa rate lunga?
<hr height="1" noshade id="quote"></blockquote id="quote">

Dear Arslan

KIBOR+3% Taxable amount per laggay ga. KIBOR app ko State bank ki website sai mill jaiye ga jo kai 14% tak hota hai (but consult SBP website)
calculation yaha ker deta hun

GST =100 Rs

KIBOR per Annum = (assume 17%) 100*17/100 =17Rs this is annual

KIBOR Per Month = 17/12 =1.4 Rs

3% per Anunm = 100*3/100 =3 Rs

3% Per Month =0.25 Rs

Now Add KIBOR + 3% (Per Month)= 1.4+0.25 =1.65 Rs

So ur Default Surcharge of One Month is 1.65 Rs if ur GST is 100 Rs

Agar app nai 15 tak GST jama nahi kerwaiye tu 100 rs per day bhe dal day for not paying the GST on time

- ArsalanYousuf - 03-20-2011

Dear Bashi & Laptop

As per KIBOR Defination it says

First day of Each Quarter

It mean k ager mujhe 21 March 2011 ko ager surchage pay kerna hai toh i will tak 01 janurary 2011 KIBOR.. RYT?

kibor ki jo sheet ati hai usmain quartly, Montly yearly etc rate hotey hai.. toh konsa rate luun??