S.R.O. 931(I)/2020, Islamabad, the 30th September, 2020

SROS: S.R.O. 931(I)/2020, Islamabad, the 30th September, 2020 Amendments in Sales Tax Rules, 2006 Government of Pakistan Revenue Division Federal Board of Revenue *** Islamabad, the 30th September, 2020. NOTIFICATION (SALES TAX) S.R.O. 931(I)/2020.- In exercise of the powers conferred under sub-clause (j) of clause (46) of section 2 of the Sales Tax Act, 1990 and section 50 thereof, the Federal Board of Revenue is pleased to direct that in the Sales Tax Rules, 2006, the following further amendment shall be made, namely:- In the aforesaid Rules, after rule 164, the following new rule shall be inserted, namely:- "164A. Supply of used vehicles.- (1) Where a registered person is engaged in the business of purchasing and selling used vehicles from general public on which sales tax had already been paid at the time of import or manufacturing, the value of the supply shall be worked out in accordance with the sub-rule (2). (2) The value of supply shall be worked out in accordance with the following formula, namely:- A-B Where- A is the…