How to file a Sales Tax Return in Pakistan?

A tax imposed on the sale of goods and services is known as sales tax. In Pakistan, the government levied the sales tax on the sale of goods and services at a rate of 16 percent. The tax is imposed on the sale price of goods or services. The tax is collected by the government from the businesses and is remitted to the government.

Filing a sales tax return can be daunting, especially if you’re unfamiliar with the process. The government imposes the tax at the point of sale and the customers pay it. The tax is gathered by the vendor and sent to the appropriate authorities. The buyer pays the tax to the seller. After that, the seller submits that tax to the government in the form of a sales tax return. If you need help filing a sales tax return in Pakistan, don’t worry! We’ve got you covered. You can contact us regarding any Help for Sale tax return.

How Can I Register Myself With The Punjab Revenue Authority (PRA)?

The Punjab Revenue Authority requires registration for all service providers (PRA). There is no exemption for services. However, prices differ according to the different services which different taxpayers provide, according to the Punjab Sales Tax on Services Act, 2012. Moving further, there are various ways to register with the Punjab Revenue Authority, including the following:

  • voluntary PRA registration
  • Mandatory Registration PRA

You need to follow the following steps for PRA E-enrollment when a taxpayer already has a login ID for the E-FBR Portal.

Step 01: PRA Registration Procedure Initial Step: Application Form PST-01

For registration in PRA, PRA requests the sellers to submit the (PST-01) form manually or electronically.

Step 02: Verification Of Information And Documents

Verify the data and files submitted for PRA Registration to ensure their accuracy. However, if the verification is satisfactory, the Punjab Revenue Authority will issue the applicant a PRA Registration Certificate.

Step 3: Rejection of The PRA Registration Application

The applicant shall be informed of the reason(s) for PRA’s rejection of their registration within 30 days of the application’s filing, barring any unlucky circumstances.

Mandatory PRA Registration

The Punjab Revenue Authority will contact a person within fifteen days. After that, PRA will assign them a number if it determines (after conducting all necessary verification) that they are qualified to register but have yet to do so. However, everybody has a chance to be heard via the required PRA registration process. Additionally, nobody is registered without advance notice.

List Of Documents Required for PRA Registration

The Punjab Revenue Authority requires registration documents, depending on the taxpayer’s status.

  • Business Individual PRA Registration
  • Paperwork Required PST Form
  • NTN Replica
  • CNIC
  • paid electricity bill with an email address and a mobile number.
  • Business Premises Ownership Documents and the Tenancy Agreement
  • Certificate of Bank Upkeep

Requirements For Partnership Firm PRA Registration Documents:

PRA needs the following papers to process the sales registration return. PRA has the authority to deregister the subject in case of any complaints permanently.

  • Firm NTN
  • Copy of Partners from PST Form;
  • CNIC
  • Email and cell phone numbers
  • Form C
  • Paid electricity bill by using the partnership deed.
  • Business Premises Ownership Documents and the Tenancy Agreement
  • Certificate of Bank Upkeep
  • Documents Required for Company PRA AOA and MOA paid the electric bill at incorporation and registration.
  • Business Premises Ownership Documents and the Tenancy Agreement
  • Certificate of Bank Upkeep

Benefits Of Monthly Sales Tax Return in Pakistan

In Pakistan, sales tax returns are an essential component of the administrative procedure. Make sure that your company pays the correct amount of tax and that the government officials collect the relevant taxes by filing your excise report on time. Moreover, regularly filing excise returns will also prevent audits of your company. Additionally, auditors typically compare the amount declared on the tax return and the amount of money the business made during the year. Learn more about How to file Income Tax Return for Individuals.

Experts advise the businesses to submit excise returns monthly by the Department of Taxes. However, submitting a monthly sales tax return can take much work for many firms. Fortunately, the monthly excise return system offers a remedy to this issue. Moreover, Companies do not need to submit separate excise returns each month under the new system. However, they may alternatively submit a solitary consolidated tax return at the end of each month. In addition to it, this technique makes preparing and submitting a monthly excise return significantly simpler than filling out several Excise returns each month.

One of the significant issues facing the Pakistani government right now is tax evasion. To raise money for the nation and finance its various development projects, the nation must find ways to encourage more companies and people to pay their taxes. Firstly, the government will be able to collect enough money if businesses pay their taxes on time and correctly so that it can cover its costs. Secondly, it can offer its citizens essential services like healthcare and education. Lastly and most importantly, paying taxes will also increase people’s sense of security about the future and pride in being a citizen of the nation.

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