{"id":53997,"date":"2019-07-29T16:21:25","date_gmt":"2019-07-29T16:21:25","guid":{"rendered":"https:\/\/www.zameen.com\/blog\/?p=53997"},"modified":"2020-01-27T05:52:47","modified_gmt":"2020-01-27T05:52:47","slug":"shops-with-1000-sq-ft-area-taxed-under-new-gst-rate","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/shops-with-1000-sq-ft-area-taxed-under-new-gst-rate.html","title":{"rendered":"Shops with 1,000 sq ft area to be taxed under new GST rate"},"content":{"rendered":"<p>Islamabad: The Federal Board of Revenue (FBR) has made it mandatory for the retailers operating in 1,000 square-feet-outlets (situated in shopping plazas) to pay a standard rate of 17% General Sales Tax (GST) to the taxation authority, a news sources reported. FBR\u2019s Member Inland Revenue Policy and spokesperson Dr Hamid Ateeq Sarwar recently expressed his views on the matter.<\/p>\n<p><strong>Read:<\/strong>\u00a0<a href=\"https:\/\/www.zameen.com\/news\/fbr-communicates-new-valuation-rates-for-immovable-properties-in-20-cities.html\" target=\"_blank\" rel=\"noopener noreferrer\">FBR communicates new valuation rates for immovable properties in 20 cities<\/a><\/p>\n<p>He said that the FBR, through the implementation of its new \u2018Tier-1\u2019 GST policy, wanted to collect PKR 2,600 billion under GST imposed on domestic and import fronts, and also by making collections in terms of the Federal Excise Duty (FED).<\/p>\n<p>For FY2019-20, the federal institution has fixed its revenue collection target at PKR 5,550 billion.<\/p>\n<p><strong>Read:<\/strong>\u00a0<a href=\"https:\/\/www.zameen.com\/news\/fbr-warns-business-community-against-smuggling-misdeclaration.html\" target=\"_blank\" rel=\"noopener noreferrer\">FBR warns business community against smuggling, misdeclaration<\/a><\/p>\n<p>According to the official circular issued by the FBR, a new condition has now been added to the definition of \u2018Tier-1 retailer\u2019 under the section 2(43A) of the <a href=\"https:\/\/www.zameen.com\/news\/fbr-informs-wb-tax-reforms.html\" target=\"_blank\" rel=\"noopener noreferrer\">Sales Tax Act of 1990<\/a>; which entails that all retailers with shops over 1,000 sq ft will fall under the Tier 1 category, and will be liable to pay the revised liability communicated by the tax regime.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The Federal Board of Revenue (FBR) has made it mandatory for the retailers operating in 1,000 square-feet-outlets (situated in shopping plazas) to pay a standard rate of 17% General Sales Tax (GST) to the taxation authority, a news sources reported. FBR\u2019s Member Inland Revenue Policy and spokesperson Dr Hamid Ateeq Sarwar recently expressed his views on the matter. Read:\u00a0FBR communicates new valuation rates for immovable properties in 20 cities He said that the FBR, through the implementation of its new \u2018Tier-1\u2019 GST policy, wanted to collect PKR 2,600 billion under GST imposed on domestic and import fronts, and also by making collections in terms of the Federal Excise Duty (FED). For FY2019-20, the federal institution has fixed its revenue collection target at PKR 5,550 billion. Read:\u00a0FBR warns business community against smuggling, misdeclaration According to the official circular issued by the FBR, a new condition has now been added to the definition of \u2018Tier-1 retailer\u2019 under the section 2(43A) of the Sales Tax Act of 1990; which entails that all retailers with shops over 1,000 sq ft will fall under the Tier 1 category, and will be liable to pay the revised liability communicated by the tax regime.<\/p>\n","protected":false},"author":75,"featured_media":22258,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[12417],"persona":[],"class_list":{"0":"post-53997","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"tag-shops-with-1000-sq-ft-area-to-be-taxed-under-new-gst-rate","9":"cat-15015-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Shops with 1,000 sq ft area to be taxed under new GST rate - Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: The Federal Board of Revenue (FBR) has made it mandatory for the retailers operating in 1,000 square-feet-outlets (situated in shopping plazas)\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/shops-with-1000-sq-ft-area-taxed-under-new-gst-rate.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Shops with 1,000 sq ft area to be taxed under new GST rate - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Islamabad: The Federal Board of Revenue (FBR) has made it mandatory for the retailers operating in 1,000 square-feet-outlets (situated in shopping plazas)\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/shops-with-1000-sq-ft-area-taxed-under-new-gst-rate.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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