Sales tax on sale and purchase of used vehicles

Sales tax on sale and purchase of used vehicles

                                               

                        

Ban on buying and selling cars on cash, will have to pay from banks, will also have to pay 17% sales tax

ISLAMABAD: A sales tax has been levied on sale and purchase of used vehicles. According to details, another condition of FATF has been fulfilled. Under which it will also have to be stated to whom the car was sold. 17% sales tax will also have to be paid. Buying and selling of cars on cash has been banned.

After which you will have to pay from banks. Non-files will have to pay additional 3% tax. Anonymous vehicles will be eliminated. Sales tax has been imposed on sale and purchase of used vehicles. On the other hand, a record tax was collected by the Federal Board of Revenue (FBR) in the first quarter of the current financial year.

According to media reports, a report released by the FBR states that the FBR has collected revenue of Rs 1,004 billion in the first quarter of the current financial year. The FBR had set a revenue target of Rs 970 billion for the first quarter of the current financial year, but the FBR has collected a record Rs 1004 billion. The FBR has earned an additional revenue of Rs 34 billion this season.

According to the FBR report, revenue of Rs 358 billion was collected in the first quarter of the current financial year. While Rs 426 billion has been collected in sales tax, Rs 56 billion in federal excise duty and Rs 164 billion in customs duty. It may be recalled that this is the first time that the FBR has collected more than Rs 1,000 billion in taxes in the first quarter of a financial year.

According to the FBR, collecting so much revenue is a great achievement. On the other hand, the Punjab Revenue New Authority has started legal action against the non-filers who have not submitted their monthly sales tax. It was informed that PRA has initiated legal action against 6171 non-filers and issued notices to them. He said that heavy fines and default surcharge action would also be taken against those who did not comply with the notices.