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The Federal Board of Revenue (FBR) has exempted import and local supply of raw cotton and ginned cotton from sales tax. In this connection, the FBR has amended SRO.551(I)/2008 through an SRO.220(I)/2013 issued here on Wednesday. According to the FBR, the Board has exempted raw cotton and ginned cotton from sales tax as SRO.1125(I)/2011, dated December 31, 2011 now deals with spinning stage onwards within the supply chain.

Following is the text of the notification issued here on Wednesday: S.R.O. 220(I)/2013.- In exercise of the powers conferred by clause (a) of sub-section (2) of section 13 of the Sales Tax Act, 1990, the Federal Government is pleased to direct that the following further amendment shall be made in its Notification No S.R.O. 551(I)/2008, dated the 11th June, 2008, namely: In the aforesaid Notification, in the table, in column (1), (a) after S. No 32, the following new serial number and entries relating thereto in columns (2) and (3) shall be added, namely:"33. Raw Cotton and Ginned Cotton Import and supply thereof.

Copyright Business Recorder, 2013


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