SRO 1190/2019 [Sales Tax Input Adjustment]

[8B. Adjustable input tax.-
(1) Not withstanding anything contained in this Act, in relation to a tax period, a registered person shall not be allowed to adjust input tax in excess of ninety per cent of the output tax for that tax period:

262[Provided that the restriction on the adjustment of input tax in excess of ninety per cent of the, output tax, shall not apply in case of fixed assets or capital goods:]

Provided further that the Board may, .by notification in the official Gazette, exclude any person or class of persons from the purview of sub-section (1)

(2) A registered person, subject to section (1), may be allowed adjustment 263[or refund] of input tax not allowed under sub- section (1) subject to the following conditions, namely:--

(i) in the case of registered persons, whose accounts are subject to audit under the Companies Ordinance, 1984, upon furnishing a statement along with annual audited accounts, duly certified by the auditors, showing value additions less than the limit prescribed under sub-section (1) above; or
(ii) in case of other registered persons, subject to the conditions and restrictions as may be specified by the Board by notification in the official Gazette.

(3) The adjustment or refund of input tax mentioned in sub-section
(2), if any, shall be made on yearly basis in the second month following the end of the financial year of the 'registered ' person.
(4) Notwithstanding anything contained in sub-sections (1) and (2), the Board may, by
notification in the official Gazette, prescribe any other limit of input tax adjustment for any person-or
class of persons.
(5) Any auditor found guilty of misconduct in furnishing the, certificate mentioned' in subsection
(2) shall be referred to the Council for disciplinary action under section 20D of Chartered
Accountants, Ordinance, 1961 (X of 1961).]
264[(6) In case a Tier-1 retailer does not integrate his retail outlet in the manner as prescribed
under sub-section (9A) of section 3, during a tax period or part thereof, the adjustable input tax for whole
of that tax period shall be reduced by 15%.]
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