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Budget 2021-22 Highlights

BUDGET 2021-22
BULLET POINTS
11-6-2021

1- Self Assessment Scheme to be revived
2- Third-Party audit introduced
3- Automated based selection for audit
4- Income and expenditure-based tax system to be introduced
5- Information technology to be used for non-filers
6- No harassment by any official to taxpayers
7- No new taxes for salaried person
8- GST net to be increased and all wholesaler and retailer will be brought into the scheme
9- Prizes will be given to sales tax payees(receipt owners)
10- Introducing a simple tax return form
11- Sales tax and FED changes introduced
12- Small business turnover tax increased to 10 Million rupees (having tax credits)
13- For Cars up to 850cc FED to be abolished and sales tax decreased to 12.5% and VAT abolished.
14- IT services, zero-rated introduced
15- Locally Electronic cars sales tax decrease to 1%, VAT exempted, Fed exempted
16- Special Technology zones will be introduced and their related imports will be exempted
17- Telecom --- FED exempted, Sales tax from 17 to 165, Merchant discount abolished
18- Tier 1 Retailers ---price scheme introduced for POS schemes
19- INCOME TAX—The inquiry system will be abolished
20- Show cause time increased to 20 days
21- Third-party audit is introduced to curtail powers of assessing officers
22- Automated system for Refund will be introduced
23- ADR again to be revived
24- WHT decreased by 40%
25- Direct and Indirect taxes are a burden and making compliance difficult thereof
26- The documented sector is deducting 38 clauses and from this 12 clauses will be deleted
27- WHT deleted from banking transaction, Stock Exchange, Travelling, Mobile phone (decreased); Minerals, Credit Cards, etc.
28- Decrease in WHT in oil field, tourism, etc
29- Disposal of securities Capital Gain Tax is decreased to 12.5%
30- Individual and AOP turnover tax increased to 100 Million
31- Turnover tax Rate decreased to 1.25%
32- Installation of POS machine will get a tax credit
33- Fix Tax Scheme for SMEs
34- Special tax regime for Manufacturers
35- One-page tax return to be introduced for SMEs
36- Services from Banking channel receipts, tax to be lowered down
37- Tax Credit on IT sectors under section 100C
38- Special economic zone, tax on turnover now exempted
39- Future commodities market; reduced tax to 3%
40- Telecommunication sector as industrial undertaking
41- Many changes in Custom Act for cars below 850 cc, motorcycles, electronic cars, etc
42- Relief to the textile sector
43- More than 300 Pharmaceuticals materials—custom duty exempted including syringes, etc.
44- Leather industry material and dairy industry will get relief through changes in Tariff
45- Increase in Regulatory duty on mobile rejected by PM
46- My car policy introduced
47- Minimum salary increased to rs. 20000/-
48- Government servant to be allowed 10% Adhoc Allowances
49- Pensioners will get 10% more
50- Many incentives for Stock Exchange, Housing, Autos, Agriculture, Health, Services, IT sector, Students, Individuals, Govt. Servants, etc

Alhamdulillah, i got the Licence from FBR.

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FBR announces 5pc cash back on purchases from tier-1 retailers - Profit by Pakistan Today The Federal Board of Revenue (FBR) has allowed customers to get five per cent cash back on sales tax paid on purchases from tier-1 retailers that are integrated with the FBR’s online system. The amount of 5pc of the sales tax paid to the integrated retailers can be redeemed through FBR’s wallet ...