This Video is about how to file Sales Tax Return in Pakistan.

In this video Tutorial you will learn what is Sales Tax and How to File Sales Tax Return in Pakistan from Zero to Expert Level. As we know Sales Tax Return Filling is a core Skill for Accountants in Pakistan and you will find each & every answer of your question regarding Sales Tax & Sales Tax Return Filling.There is a confusion in lot of people that Sales Tax is a Liability or a Part of your Sales. So Sales Tax is a Liability of Seller which a seller have to pay back to the government but it is just adjacent with your Sales , with a reason to be collected by you as a seller instead of government itself.The Rate of Sales Tax is 18% in 2024 which can be changed by the government in any of the coming Financial Years' Budget.
In this video you will also learn the Difference between Sales Tax & General Sales Tax(GST).While working with your Sales Tax Return it is important to know Two types of Invoices, Commercial Invoice & Sales Tax Invoice because in Sales Tax Return only Sales Tax Invoices are included. There are two important Terms ,which are used in Sales Tax Return, are Input and Output Tax.Output tax is a Sales Tax which you charged to your customers and have to pay back to the government .On the other side Input Tax is a Sales Tax which you pay to your Vendor or Supplier at the time of Purchases.So in Sales Tax Calculation without knowing theses terms you will not be able to do the Sales Tax Payable Calculation. Now the Question is how to do the Sales Tax Payable Calculation.So the Formula for Sales Tax Payable Calculation is Output Minus Input Tax.But there is a Minimum Payment of Sales Tax under Sales Tax Act, which is 10% of Output Tax.So you have to put two values in front, one is Sales Tax Payable & Second is 10% of Output Tax, So which ever is higher you have pay that.
When you have all the Major understanding then Prepare a Sales Tax Report Manually which includes, Annex-A called Local Purchases, Annex-B called Imports, Annex-C called Sales, Annex-F called Stock Reports which included Amounts only, and Sales Tax Payable Balances. Submit All your Annexures on IRIS Website and make Payment Challan on E-FBR website.After Making Payment as you already have submitted all Annexures , add Payment to your Sales Tax Return and verify through your 4 Digit PIN and then you just have to press the Submit Button to Submit your Sales Tax Return.
You can now download your Sales Tax Return through pressing the Print button and you can also have the Print of your Sales Tax Return with Annexures.
Finally Make sure to File your Sales Tax Return within the prescribed time defined by the Federal Board of Revenue (FBR).If you are failed to file your Sales Tax Return under the Prescribed timeline of the Tax Authorities FBR then Penalises and Surcharges will be imposed on you and if you delayed more your Sales Tax Status will be Turned to Inactive.So Follow the timeline and Law for Filling of your Sales tax Return.

Important Direct Links :
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IRIS Website : https://iris.fbr.gov.pk/
FBR Website : https://e.fbr.gov.pk/authlogin.aspx
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Video Link :    • How to File Sales Tax Return in Pakis...  
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Video Highlights :
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00:00 Introduction
00:20 What is Sales Tax
00:46 Sales Tax a Liability or Profit
01:37 Types of Invoices
02:01 Two Important Terms used in Sales Tax Return
02:12 What is Output Tax
02:37 What is Input Tax
03:00 Sales Tax Payable Calculation
03:53 Key Example for Calculating Sales Tax Payable
05:30 How to Prepare Sales Tax Return Report Manually for Data Entry on IRIS & to Submit Return
11:30 How to Prepare Sales Tax Payment Challan on E-FBR's Website
14:34 All the Deadlines for Sales Tax Return Filling (Invoice Upload + Payment + Submission)
15:28 Penalties & Surcharges against Delay in Filling of Sales Tax Return
17:11 Filling of Sales Tax Return on IRIS Website


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