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149th update dated July 05, 2014
This update covers:-
-Finance Act, 2014;
-Sindh Finance Act, 2014;
-Punjab Finance Act, 2014;
-KPK Finance Act, 2014;
-Provincial Notifications: SRB-3-4/13/2014 & SRB-3-4/14/2014
-SRO: 569(I)/2014 to 573(I)/2014, 575(I)/2014, 576(I)/2014 & 608(I)/2014; and
-General Orders: 48 to 56 of 2014.
These are briefly explained as under:–
Part I –Sales Tax Act
1.     Amendments have been made in the following provisions by the Finance Act, 2014 dated June 26, 2014:-
Sections:
      2(27); 3(2), (3B), (8), (9); 3B(2); 4; 7(1), (2); 8(1); 40B; 50B(1) to (4);
Schedules:
      5th Schedule, S.No. 9 to 12;
      6th Schedule, Table 1: (S.No. 24, 59 and 72 to 116), Table 2 (S.No. 3, 12 and 13 to 16); Table 3 & Annexure;
      8th Schedule: Table 1, 2, Annexure; and
      9th Schedule.
Part II –Provincial Sales Tax
2.      On pages 21 onwards, Sindh Sales Tax on Services Act, 2011 have been amended by Sindh Finance Act, 2014 dated June 25, 2014 as passed by the Sindh Assembly.
3.      On pages 89 onwards, Sindh Sales Tax on Services Rules, 2011 have been amended by No. SRB 3-4/13/2014 dated July 01, 2014.
4.      On pages 129 onwards, Sindh Sales Tax Special Procedure (Withholding) Rules, 2014 as notified by No. SRB 3-4/14/2014 dated July 01, 2014. These replace the Sindh Sales Tax Special Procedure (Withholding) Rules, 2011 made by Notification No. SRB-3-4/1/2011 dated August 24, 2011.
5.      On pages 145 onwards, Punjab Sales Tax on Services Act, 2012 have been amended by Punjab Finance Act, 2014 dated June 26, 2014.
6.      On pages 351 onwards, KPK Sales Tax on Services Act, 2013 have been amended by Khyber Pakhtunkhwa Finance Act, 2014 dated June 23, 2014.
Part III –Notifications
7.      On page 14, SRO 569(I)/2014 dated June 26, 2014 has been reproduced. This repeals the Federal Excise Duty and Sales Tax on Production Capacity (Aerated Waters) Rules, 2013.
8.      On page 11, SRO 69(I)/2006 dated January 28, 2006 has been amended by SRO 571(I)/2014 dated June 26, 2014. This is re fixation of tax @16% on import of seeds for extraction.
9.      On page 12, SRO 79(I)/2012 dated February 02, 2012 has been superseded by SRO 572(I)/2014 dated June 26, 2014. This is re: Relief in S.T. on tractors at import and local supply stage.
10.     On page 20D, SRO 1125(I)/2011 dated December 31, 2011 has been amended by SRO 575(I)/2014 dated June 26, 2014. This is re: Zero rating for import and supply of various products.
11.     On page 20I, SRO 549(I)/2008 dated June 11, 2008 has been rescinded by SRO 573(I)/2014 dated June 26, 2014. This is re: Zero rating of various imports.
12.     On page 20O, SRO 670(I)/2013 dated July 18, 2013 has been rescinded by SRO 573(I)/2014 dated June 26, 2014. This is re: Import and supply of various products subject to conditions.
13.     On page 30Bi, SRO 490(I)/2004 dated June 12, 2004 has been amended by SRO 569(I)/2014 dated June 26, 2014. This is re: Various goods for no input tax credit.
Part IV –Exemptions
14.     On page 30, SRO 551(I)/2008 dated June 11, 2008 has been rescinded by SRO 573(I)/2014 dated June 26, 2014. This is re: Exemption for goods mentioned in the table subject to the conditions and restrictions.
15.     On page 40, SRO 727(I)/2011 dated August 01, 2011 has been rescinded by SRO 573(I)/2014 dated June 26, 2014. This is re: Exemption of Sales Tax on Import of Plant and Machinery.
16.     On page 42, SRO 501(I)/2013 dated June 10, 2013 has been rescinded by SRO 573(I)/2014 dated June 26, 2014. This is re: Exemption for various food, stationery and other items.
Part VI – General Orders
17.     On page 229, General Orders No. 48 to 54 of 2014 dated June 09 & 10, 2014 respectively have been reproduced. These are re: supply of electricity and gas.
18.     On page 232, General Order No. 55 of 2014 dated June 18, 2014 has been reproduced. These are re: supply of electricity.
19.     On page 232, General Order No. 56 of 2014 dated July 01, 2014 has been reproduced. These are re: supply of gas.
Part VA – Special Procedure Rules 07
20.     On pages 06 onwards, Special Procedure Rules 2007 have been amended by SRO 806(I)/2014 dated July 02, 2014.
21.     On page 30, R. 58H has been amended by SRO 576(I)/2014 dated June 26, 2014. This is re: Payment of tax.
Part IX – Budget Instructions
22.     On page 289, Finance Act, 2014 dated June 26, 2014, relevant extract has been reproduced.
Part X – Federal Excise Act
23.     Amendments have been made in the following provisions by the Finance Act, 2014 dated June 26, 2014:-
Sections: 12(4);
Schedules:
1st Schedule, Table-I-S. Nos. 9, 10, 13, 55; Table-II-S. Nos. 3, 6 and 15.