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    Sales TAX FORMAT

    Uploaded by

    Muhammad Hamza
    The document describes sales tax mechanisms and calculations in Pakistan. It provides details on: 1) How sales tax is collected and paid at each stage from companies to distributors to retailers to final consumers. 2) The sales tax calculation format which involves subtracting total input tax paid from total output tax collected to determine sales tax owed. 3) An example numerical calculation showing a company's sales, input tax deductions, and resulting sales tax liability for a given month.

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    Sales TAX FORMAT

    Uploaded by

    Muhammad Hamza
    101 views6 pages
    The document describes sales tax mechanisms and calculations in Pakistan. It provides details on: 1) How sales tax is collected and paid at each stage from companies to distributors to retailers to final consumers. 2) The sales tax calculation format which involves subtracting total input tax paid from total output tax collected to determine sales tax owed. 3) An example numerical calculation showing a company's sales, input tax deductions, and resulting sales tax liability for a given month.

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    Sale tax formatting pakistan

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    The document describes sales tax mechanisms and calculations in Pakistan. It provides details on: 1) How sales tax is collected and paid at each stage from companies to distributors to retailers to final consumers. 2) The sales tax calculation format which involves subtracting total input tax paid from total output tax collected to determine sales tax owed. 3) An example numerical calculation showing a company's sales, input tax deductions, and resulting sales tax liability for a given month.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    101 views6 pages

    Sales TAX FORMAT

    Uploaded by

    Muhammad Hamza
    The document describes sales tax mechanisms and calculations in Pakistan. It provides details on: 1) How sales tax is collected and paid at each stage from companies to distributors to retailers to final consumers. 2) The sales tax calculation format which involves subtracting total input tax paid from total output tax collected to determine sales tax owed. 3) An example numerical calculation showing a company's sales, input tax deductions, and resulting sales tax liability for a given month.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 6

    SALES TAX

    Mechanism of Sales Tax

    Company

    Distributer
    With every
    purchase he made

    Input tax (Paid) Whole Seller


    With every
    sale he made

    17%,17%,17%,17%,17%17%17 Retailer Output tax (collected)

    Final Consumers 17%,17%,17%,17%,17%,17%,17%,17%,…….

    Retail price+17% GST= price

    100+17=117

    Total Output Tax - Total input tax = Sales tax

    E:g 600,000 - 250,000= 350,000


    SALES TAX FORMAT
    0% (REFUND) 0% (REFUND)

    Output Input Tax Adj Sec 8 B (1) 17% of F.A 17%

    No Rate No Rate

    Answer
    Output Tax (Of this Month)
    + Sales Tax Debit (C/F output tax from previous Month)
    = Total Output tax
    –17% portion of Input Tax
    –17 % Portion of input Tax of Fixed Assets
    – Sales Tax Credit ((C/F input tax from previous Month)
    +3 % of sales to Non-registered person
    + Penalty and Arrears (if Any)
    = Sales Tax (Answer)

    Refund will be claimed on Zero rated Input taxes.

    Apportionment Format:
    Rates Sales Portion of Total input Tax Portion of Total input Tax
    17% 17% sales Total Input Tax x Relevant Sales Input Tax (F. Asset) x Relevant Sales
    Total Sales Total Sales
    0% All 0% sales Total Input Tax x Relevant Sales Input Tax (F. Asset) x Relevant Sales
    Total Sales Total Sales
    Exempt Exempted sales Total Input Tax x Relevant Sales Input Tax (F. Asset) x Relevant Sales
    Total Sales Total Sales
    Name of Taxpayer (Status)
    CNIC ……………..
    NTN ……………..
    For the Month of …………….
    Computation of Sales Tax.
    Output:

    Sales @17%

    1. Sales to regd person xxxx


    2. Sales to non regd person ** xxxx
    3. Sales to wholesaler/Retailer xxxx
    4. Sales to employees/ Consumers xxxx
    5. Sales to any govt Org xxxx
    6. Sales to any Pvt Org xxxx
    7. Supplies to PVT Hospitals xxxx
    8. Sales against international tender xxxx
    9. Good taken away for personal use xxxx
    10. Sales to public Sector organization xxxx
    11. Supplies on installments xxxx
    (Open Market Price)
    12. Goods specified in 3rd Schedule xxxx
    (Use retail price)
    13. Supplies to consumer xxxx
    (Use open Market price)
    14. Supplies at Discount ( Normal BP) xxxx
    15. Supplies at Discount (not Normal BP) xxxx
    (First calculate pre-discount price)
    16. Supplies to charitable hospital xxxx
    (Consisting of less than 50 bed)
    17. Supplies to teaching Hospital xxxx
    (Consisting of less than 200 beds)
    18. Advance received from customer xxxx
    Total Sales xxxx
    (-) Credit note issued/Sales Return (xxxx)
    Net total 17% sales xxxx

    Zero rated sales

    1. Sales to DTRE regd person xxxx


    2. Sales to Duty free shop xxxx
    3. Goods specified in 5th Schedule xxxx
    4. Exports xxxx
    5. Sales to company in EPZ xxxx
    6. Zero rated supplies xxxx
    Total Zero rated sales xxxx

    Exempt/ No rate sales

    1. Exempted sales xxxx


    2. Supplies to Gawadar Free Zone xxxx
    3. Good used in business place xxxx
    4. Goods Donations xxxx
    5. Goods specified in 6th Schedule xxxx
    6. Free Samples xxxx
    7. Supplies to China overseas ports co xxxx
    Total Exempt/ No rate sales xxxx
    Total Output xxxx

    Input Tax Adjustment:

    Purchase from Regd Person @17% xxxx


    Purchase from wholesales @17% xxxx
    Purchases from distributer @17% xxxx
    Imports @17% xxxx
    Advance paid against purchases @17% xxxx
    Prefabricated building purchased @17% xxxx
    Purchases against tax invoices @17% xxxx
    Purchases of prefabricated Building @17% xxxx
    Payment to Courier Company @17% xxxx
    Purchase of Office Stationary @17% xxxx
    Purchases from Non Redg Person xxxx NIL
    Purchases from Retailer xxxx NIL
    Purchase of Agricultural Machinery xxxx NIL
    Purchase of gifts for customers xxxx NIL
    Purchase of agricultural Machinery xxxx NIL
    Purchases against which discrepancy is indicated
    By CREST xxxx NIL
    Purchases against Fake invoices xxxx
    Exempted Purchase xxxx NIL
    Purchase Against commercial invoices xxxx NIL
    Utility Bills Paid @17% xxxx
    GST paid on utility Bills (Whole Amount) xxxx
    Total Input Tax xxxx
    Less debit note issued@17% (xxxx)

    Net Total Input Tax xxxx


    Numerical One:

    Calculate sales tax liability of XYZ Company a distributer of certain chemicals for the month of
    August 2019.

    1. Sales to Registered person 40,00,000


    2. Sales to Whole seller 25,00,000
    3. Sales to Retailer (on credit basis) 10,00,000
    4. Sales to consumer on installment basis 500,000
    (Open Market price was 450,000)
    5. Credit Note issued 150,000
    6. Purchases from registered person 22,00,000
    (Invoices of Rs. 200,000 are missing)
    7. Imports 10,00,000
    8. Purchase from retailer 400,000
    9. Debit Note issued 200,000

    XYZ Company (Distributer)


    CNIC ……………..
    NTN ……………..
    For the Month of August 2019
    Computation of Sales Tax.
    Output:

     Sales to Registered person 40,00,000


     Sales to Whole seller 25,00,000
     Sales to Retailer (on credit basis) 10,00,000
     Sales to consumer on installment basis 450,000
    Total 17% sales 79, 50,000
    (-) Credit Note issued 150,000
    Net total output 78, 00,000

    Input Tax Adjustments:

     Purchases from registered person (22,00,000-200,000)@ 17% 340,000


     Purchases from Retailer 400,000 -
     Imports 10,00,000@ 17% 170,000
    Total Input Tax 510,000
    (-) 17 % Of Debit Note issued (200,000 @ 17%) 34,000
    Net total input tax 476,000

    Total output Tax – Total Input Tax =Sales tax


    (17% of 78, 00,000) – 476,000 = Answer

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