S.R.O. 350(I)/2024, Islamabad, the 7th March, 2024

SROS: S.R.O. 350(I)/2024, Islamabad, the 7th March, 2024 Amendments in the Sales Tax Rules, 2006 Government of Pakistan Revenue Division Federal Board of Revenue *** Notification (Sales tax) Islamabad, the 7th March, 2024 S.R.O. 350(I)/2024„- In exercise of powers conferred by section 50 of the Sales Tax Act, 1990, the Federal Board of Revenue is pleased to make the following further amendments in the Sales Tax Rules, 2006. namely:- In the aforesaid rules,- (1) in rule 5,- (a) in sub-rule (2), - (i) the word “and” appearing in clause (d) shall be omitted; (ii) in clause (e), for the full stop at the end, the expression and” shall be substituted and thereafter the following new clause shall be added, namely:- “(f) in the case of an individual, association of persons and a company having only one shareholder or member, other than manufacturer, a balance sheet indicating the amount of business capital with corresponding assets in the bank, amounts attributable to partners with percentage, as the case may be: Provided that where an individual, an association of persons and a company having only one shareholder or member, other than manufacturer, already registered, do not fulfil the requirement of clause (f) within thirty days from the date the said requirement comes into force, the electronic filing of return shall only be allowed with prior authorization of the Commissioner through IRIS.”; (b) in sub-rule (3), for the full stop at the end, a colon shall be substituted, and thereafter a proviso shall be added, namely: - “Provided that in the case of an individual, an association of persons, and a company having only one shareholder or member, as the case may be, the IRIS shall register such persons only after the LRO is satisfied that the requirements under sub-rule (2) of this rule has been uploaded in IRIS, and the LRO has approved the application through an order in IRIS.”; (c) in sub-rule (4), for the full stop at the end, a colon shall be substituted, and thereafter a proviso shall be added, namely:- Provided that every individual, any member of an association of persons, and a director of a company having only one shareholder or member, as the case may be,…