LAHORE: The Federal Board of Revenue (FBR) has taken a big step to check revenue leakage by restricting facility of input tax adjustment to only “Positive List” items used by sectors/industries of weaving dyeing & printing, steel melters/ re-rollers, oil & ghee, chemicals, cement, lead & batteries, paper & paper board.
The sectors of weaving dyeing & printing, steel melters/ re-rollers, oil & ghee, chemicals, cement, lead & batteries, paper & paper board cannot avail sales tax adjustment or input credit on other items except those notified as “Positive List” by the Board.
A notification of the FBR issued on Thursday said that in order to ensure the streamlining of allowance of input tax on the raw materials being used by Weaving Dyeing & printing, steel melters/ re-rollers, oil & ghee, chemicals cement, lead & batteries and paper & paper board sector.
A positive list of input, goods & services pertaining to each sector has been prepared in consultation with the stakeholders; the same has been uploaded on the FBR’s website, so that it is notified under the relevant provisions of law, after obtaining the observations from all quarters concerned.
The notification requested all concerned to go through the list and forward their recommendations in this regard to Secretary (ST-Operations), FBR, Islamabad by December 28, 2023, for the addition or deletion of any items enumerated in the list.
