S.R.O. 906(I)/98, Islamabad, the 12th August 1998

SROS: S.R.O. 906(I)/98, Islamabad, the 12th August 1998 AMENDMENTS IN SALES TAX REFUND RULES, 1998 S.R.O. 906(I)/98, Islamabad, the 12th August 1998:- In exercise of the powers conferred by section 50 of the Sales Tax Act, 1990, read with sub-section(2) of section 10 thereof , the Central Board of Revenue is pleased to make the following amendments is the Sales Tax Refund Rules, 1998, namely:- In the aforesaid Rules, after rule 12, the following new rule shall be inserted, namely:- 12A Profiling of exporter for the purpose of refund. (1) A profile of each exporter shall be developed and each such exporter shall be categorized, by relevant Collectorate on the basis of the following criteria, namely:- (a) The exporters fulfilling the following conditions shall be rated as category GOLD, namely: (i) FOR LIMITED COMPANIES: (a) Limited companies having certified Books of Account for the last eighteen month ; (c) The following class of exporters shall be rated as category OTHERS:- (a) Persons not falling under categories GOLD and SILVER shall be classified in category OTHERS; (b) Persons disqualified in category GOLD or category SILVER shall be down graded to category OTHERS directly if claims acceptance levels under audit are less than ninety per cent or forged documents are submitted. Once an exporter is down-graded, he shall not be up graded for at least eighteen months and will only be considered by the Collector if he is satisfied that during the eighteen months down-grading period. The exporter has met the requirements of respective category for continuous period of eighteen months; and (c) Persons involved in a prosecution case of tax fraud under the Act or any other tax shall be rated in category OTHERS even if they fulfil rating criteria for GOLD or SILVER. (2) The exporters falling under the category GOLD shall be allowed refund within seventy-two hours from the date of…