ISLAMABAD, Sept 8: The Central Board of Revenue (CBR) has notified special procedures for the payment of sales tax by commercial importers on value addition. The special procedures were announced through the SRO768, on Wednesday.

For the carryover stock of goods imported prior to July 1, 2004, commercial importer is expected to dispose off such goods by December 31, 2004. Accordingly, he might file separate monthly returns for the supply of such imported goods till January 15, 2005, added the notification.

The return-cum-payment challan and the statement of value addition further been simplified to remove the confusion, if any. According to the procedure, payment of the sales tax on value addition basis as prescribed under the rule is mandatory, whereby a commercial importer shall be exempt from the requirement of audit.

The mandatory 10 per cent value addition is, therefore an output tax, paid in advance, in lieu of audit. However, if a commercial importer declares a value addition, which is in excess of the mandatory 10 per cent value addition, only then he might claim adjustment of the sales tax paid on service charges and other utilities, from the value addition in excess of 10 per cent in the annual statement of value addition and deposit the remaining excess amount accordingly.

The concept of carry forward in the return-cum-payment challan for commercial importer is incorporated for accounting purposes to avoid duplicity of tax. It is not admissible for claim of adjustment/refund. The relevant column of refund has therefore been deleted in the amended form.