A leading sales tax expert stated that the requirement for the filing of stock statements and production data is extended to all the persons making taxable supply.
The FBR has issued a notification, introducing two new statements as annex H1. It has increased sales tax documentation for all registered manufacturers and commercial importers, distributors, and wholesalers to submit monthly stock statements.
Earlier this requirement was only applicable to certain sectors or particular items. Now the scope of filing production data and stock statements is extended manifold, he added.
Stock statements would include data including HS code, the unit of measurement, sales tax rate, opening balance, the quantity of goods, value of goods and goods purchased/imported during the month, and closing balance of goods supplied during the month.
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