'Retailers must list sales tax on price tags separately'.
Byline: Mubarak Zeb Khan
ISLAMABAD -- The Federal Board of Revenue (FBR) on Wednesday made it binding on all registered retailers to show price and tax separately on the price tags and menu cards to ensure depositing of deducted tax in government kitty.
The decision came at a time when retailers - especially those deals in selling of fabrics in local markets - have started charging sales tax at the rate of 17 per cent on retail price from consumers without mentioning the same on the price tag.
Since July 1, 2019, the government has revived standard rate of 17pc sales tax on domestic sales of textile, clothing, leather garments, and other leather goods. However, no sales tax is charged on exports of all these products.
Now to ensure that the sales tax collected from consumers reaches government kitty, the FBR has made it mandatory for all retailers to show prices and amount of tax separately on the price tags attached with finished fabric and locally manufactured articles of textile and textile made-ups.
The FBR introduced a new Rule 150ZEA in the Sales Tax Rules through a notification SRO353 to implement the decision.
Retailers of leather and artificial leather will also be required to show prices and amount of tax separately on the price tags attached with it.
Through another amendment in Rule 150ZB, FBR also made it mandatory for all the restaurants, bakeries, caterers and...
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