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July 9, 2006
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Sunday
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Jumadi-ul-Sani 12, 1427
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Summary of invoices
By Our Reporter
ISLAMABAD, July 8: The CBR has asked all commercial importers to file summary of invoices on monthly basis.
The summary will be filed as envisaged under the sales tax notification SRO559 of 2006. This SRO envisages filing of summaries on monthly basis by all taxpayers without any exception for commercial importers.
Moreover, the summary of invoices is chiefly used for reconciliation of refund claims filed by registered persons. If commercial importers file these summaries on quarterly basis, the refund claims against sales made by commercial importers will be delayed.
The CBR received queries that whether summary of invoices of purchase and sales are to be filed on monthly or quarterly basis.
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