ISLAMABAD: The Federal Board of Revenue (FBR) may address the issue of sales tax collection mechanism on fertilizer industry by removing mismatch between the input-output sales tax to avoid ...

The meaning of ITC can be easily understood when we take the words ‘input’ and ‘tax credit into consideration’. Inputs are materials or services that a manufacturer purchases in order to manufacture ...

While headlines focus on GST rate cuts, two silent but sweeping changes are set to hit taxpayers this November—faster refunds for inverted duty structures and a radically simpler registration process.

The fertilizer industry plans to make a representation to both the Centre and state finance ministers to seek clarity on the inverted duty structure (IDS) that persists in the sector and is likely to ...

The challenge is particularly acute for companies with a narrow product portfolio, where rates across most products have been reduced to 5%. The current ITC refund mechanism does not take into account ...