- FBR unveils mechanism for adjustment of input and output tax under sales tax laws for 2025
- Adjustment process covers cancelled or returned supplies, changes in tax amounts, and issuance of credit or debit notes
- Buyers cannot claim input tax for cancelled, returned, or reduced tax supplies
- Suppliers must adjust output tax if debit notes are issued after reporting output tax
- Adjustments must be based on credit or debit notes issued within 180 days, with possible extension by Collector
- Special rules for perishable items and resupply of goods
- Emphasis on issuing debit or credit notes promptly and adhering to specified timelines for tax adjustments.
Source: pkrevenue.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
