04-13-2011, 08:02 PM
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by FARHAN123</i>
<br />Can anyone please summarize this SRO 283 and highlight main points in this SRO . Also tell about in what conditions 4 % or 6 % or zero rated tax is applied ?
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In my opinion SRO 283 may be summarized as under
1- It has replaced SRO 509
2- Zero rating and reduced rates facility is available/applicable only to five given sector.
3- In the five sectors RP (REgistered Person) to RP supplies (means goods available in the SRO 283) is zero rated.
4- In the five sectors RP to URP (Un Registered Person) supplies are at reduced rates.
5- Reduced rate 6% would be charged if RP of given sectors make supplies to URP for (A) textiles upto the stage of spinning including the product of spinning such as yarn and its bye product and (B) tennery supplies to any URP.
6- Reduced rate 4% would be charged if RP of given sectors make supplies to URP for (A) Incase of textiles After the stage of spinning means sizing, weaving, processing etc. and (B) Other sector After tennery supplies all finished product of leather, sports, surgical goods to any URP or retailer.
7- No input tax adjustment or refund of Reduced rate of Tax means story finished.
8- Refund or Adjustment is available only for supplies to RP.
9- SRO is Applicable from 01-04-2011 for the goods provided in the SRO and supples in the given sectors.
10- Past history of zero rating or exemption of goods (PCT heading) has been changed. Now an item would be Charged at standard Rate to other than given sectors and in the given sector supply would be at zero rated to RP and at reduced rate to URP.
I am unable to understand how and who will determin RP and specially URP (Whole seller , importers, traders etc ) doing business in the given sectors.
<br />Can anyone please summarize this SRO 283 and highlight main points in this SRO . Also tell about in what conditions 4 % or 6 % or zero rated tax is applied ?
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
In my opinion SRO 283 may be summarized as under
1- It has replaced SRO 509
2- Zero rating and reduced rates facility is available/applicable only to five given sector.
3- In the five sectors RP (REgistered Person) to RP supplies (means goods available in the SRO 283) is zero rated.
4- In the five sectors RP to URP (Un Registered Person) supplies are at reduced rates.
5- Reduced rate 6% would be charged if RP of given sectors make supplies to URP for (A) textiles upto the stage of spinning including the product of spinning such as yarn and its bye product and (B) tennery supplies to any URP.
6- Reduced rate 4% would be charged if RP of given sectors make supplies to URP for (A) Incase of textiles After the stage of spinning means sizing, weaving, processing etc. and (B) Other sector After tennery supplies all finished product of leather, sports, surgical goods to any URP or retailer.
7- No input tax adjustment or refund of Reduced rate of Tax means story finished.
8- Refund or Adjustment is available only for supplies to RP.
9- SRO is Applicable from 01-04-2011 for the goods provided in the SRO and supples in the given sectors.
10- Past history of zero rating or exemption of goods (PCT heading) has been changed. Now an item would be Charged at standard Rate to other than given sectors and in the given sector supply would be at zero rated to RP and at reduced rate to URP.
I am unable to understand how and who will determin RP and specially URP (Whole seller , importers, traders etc ) doing business in the given sectors.
