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FBR extends deadline for stock position filing for sales tax refunds to July 31

FBR extends deadline for stock position filing for sales tax refunds to July 31

ISLAMABAD: The Federal Board of Revenue (FBR)  allowed taxpayers to submit details of their stock position for the period from July 2019 to January 2020, by July 31, in order to claim sales tax refunds under the new verification and issuance system.

In an official statement, the FBR extended the time limit for the filing of Annexure–H,  a statement for providing stock position along with monthly sales tax returns, for the July 2019 to January 2020 tax period.

Since July 2019, FBR has introduced payment of sales tax refunds within 72 hours subject to the true filing of Annexure–H.

As per the rules, refund will be treated as having been filed only after filing of Annexure-H of the sales tax return, for which the deadline of 120 days has been prescribed in the rules and the same can be extended for a period of 60 days on the basis of approval from the commissioner.