Tax is a major stream of Revenue for Government. In order to maximise their revenue, Government has been regulating the processes to increase their credibility by providing incentives to Tax Payers that may result in positive increase of conversion ratio of filers in the overall country. In order to doing so, the FBR announced that properly filled Annex-H, which is form to provide details of stock statement, without objections and anomalies of data will ensure processing in 72 hours.
The FBR said that Annex-H is a stock statement of input goods / services which shows flow of inputs in terms of quantity, value and sales tax involved in opening / closing balances, purchases and consumption in exports and local sales.
The announced return is based on following formula:
Refund claim=Input Tax Consumed in Exports/ Zero Rated(Col 22 of Annex-H)–Net payment against local supplies
Refund claim = Input Tax Consumed in Exports/ Zero Rated(Col. 22 of Annex-H)+Input tax consumed in local supplies (Col. 20 of Annex-H)− Accumulated debit from monthly return (Row 17 of return)
Therefore get start contacting your Lawyer or your agency and claim your refund RIGHT AWAY !