10-28-2011, 07:56 PM
We are facing few issues regarding the new monthly sales tax form are as under
1) For the month of July we made our invoices for 5 % as it was 4% for the unregistered zero rated sales and deposited to the National bank against the generated sales tax as it was announces in the Budget 2012.
Now after some time it was revert back to 4%. Now, we our paid amount is access than the payable tax.
Now, my question is to how to refund / adjust this access amount which we have already paid.
2) Since the July return, we are having problem with the C/F amount.
As previous if you have input tax 16% say 100/= and out put tax 50/= than you c/f would be 50/= for the next month. Also, if you have the 4% payment for zero rated unregistered that should be separate and paid cash (which was same for the month of june)
Now, the cuttent form is deducting the 4% output tax from the 16 % output tax and than the balance amount is subtracted from the input tax. such as
Input tax (16%) 100
output tax (16%) 40
0 rated sales (4%) 10
Now the c/f should be 60/=
But on the current form it is (40-10=30) now (100-30=70) c/f is 70/=
Also, we paid 10 to the bank. In this case it is adjusting the 4% 10/= and creating payment also.
We would be really appreciative if you have any advise or solution to our above mentioned problem.
1) For the month of July we made our invoices for 5 % as it was 4% for the unregistered zero rated sales and deposited to the National bank against the generated sales tax as it was announces in the Budget 2012.
Now after some time it was revert back to 4%. Now, we our paid amount is access than the payable tax.
Now, my question is to how to refund / adjust this access amount which we have already paid.
2) Since the July return, we are having problem with the C/F amount.
As previous if you have input tax 16% say 100/= and out put tax 50/= than you c/f would be 50/= for the next month. Also, if you have the 4% payment for zero rated unregistered that should be separate and paid cash (which was same for the month of june)
Now, the cuttent form is deducting the 4% output tax from the 16 % output tax and than the balance amount is subtracted from the input tax. such as
Input tax (16%) 100
output tax (16%) 40
0 rated sales (4%) 10
Now the c/f should be 60/=
But on the current form it is (40-10=30) now (100-30=70) c/f is 70/=
Also, we paid 10 to the bank. In this case it is adjusting the 4% 10/= and creating payment also.
We would be really appreciative if you have any advise or solution to our above mentioned problem.
