S.R.O. 266(I)/2008, dated 8-3-2008

SROS: S.R.O. 266(I)/2008, dated 8-3-2008 M/s Qasim International Container Terminal Limited(QICT), to deposit the excess sales tax collected S.R.O. 266(I)/2008, dated 8-3-2008. - Whereas it has been reported by the Collector LTU, Karachi that it had advised M/s Qasim International Container Terminal Limited(QICT), to deposit the excess sales tax collected by them in terms of section 3 B of the Sales Tax Act, 1990, for the tax periods July, August and September, 2005 on the followings grounds, namely:- (a) QICT charged sales tax at the rate of 15% for the months of July, August and September, 2005 on all stevedoring services; (b) eventually vide Notification No. S.R.O. 1003(I)/2005 dated the 23rd September, 2005, tax rates were specified with reference to the nature of cargo. The rates were determined on net basis and tax chargeability was confined to single stage,, also the stevedores or terminal operators were barred from taking any input adjustment. The Notification was applied retrospectively, with effect from July, 2005 and terminal operators were allowed to deposit the tax at notified rates for .the periods from July to September, 2005; QICT discharged their liability under the said Notification and subsequently during the course of their internal accounting checks detected that for the periods in question, sales tax…