This is the most important register in NSB record keeping. This register is a pasting file where receipts of payments made are attached. Any type of bill generated by any trader is pasted here. Against every item purchased or every labor paid, there is a specific amount of tax to be paid.
For Example if someone has the amount of Rs. 20,000/- to purchase a Tab.
Total = Rs. 20000 17% GST= 2906 Remaining = Rs. 17094
Now Headmistress and Headmasters feel that it is right to purchase in 17094 which is totally wrong and faulty one. You should know that you have to pay 4.5% Income tax and 1/5 (One Fifth of GST).
One fifth of GST = Rs. 581 4.5% income Tax = Rs. 900
Total Remaining Fund = Rs. 15613
This is the amount to be used for purchase.
Tax Rates defined by FBR:
1).For Filers ( through registered Firm having NTN & GST number)
Sales Tax 17%
Services Tax 10%
Income Tax 4.5%
2).For Non-Filers
Sales Tax 19.50%
Services Tax 17%
Income Tax 7.75%
3). On purchasing anything you have to pay two types of Taxes
- Income Tax
- Sales/GST tax
a). Income Tax will be applicable on each and every item (e.g. purchasing, Care giver salary, sweeper salary) except labour payment (wages) and utility bills
b). Sales Tax will be applicable on all types of purchasing. But on some items SALES Tax is exempt (not applicable ) like
- Sand, Soil
- Crush
- Bricks
- Pana Flexes
- Banners
- Cement
- Essential Medicine
- Photocopies
- Care Giver Salary
- Teacher's salary
- Utility bills
4). Service tax will be applicable on labour (mazdoori, rent etc) with Receipt wasooli (receiving) with signature, date and time of that person
5). Totally Non-Tax Paid working (Those items which are totally exempted from any tax) are here as under:
- Electricity Bill
- Telephone Bill
- Mobile Balance
- TA/DA
- Coal
- Ice...
How to check Tax paid on FBR Website:
Tax paid may be checked from the following link
https://e.fbr.gov.pk/esbn/Verification
Keeping Receipts:
A head teacher have to know how to keep the bill in the pasting file.
The bill must be stamped by head. Here are some stamps used in record keeping.
- Serial Number / Date
- This is the number that start and end with the financial year. It continues every month. This serial number is the same as written in cashbook. Date will be the date of transaction. This stamp is filled with red ballpoint.
- Paid & Cancelled
- It is a must thing to cancel the payments made. Write the amount to be cancelled.
- Stock Register
- This stamp is used for purchased items. Two rows are added on this stamp
- Entry #
- This is the number entered in the list of item in stock register.
- Page #
- This is the page number from stock register where item purchased is written and issued in detail.
- Head Teacher
- Head Teacher school stamp is used
- Purchase Committee
- This committee includes at least 3 members. This stamp is used at the back side of every receipt.
- Technical Committee
- This committee includes at least 3 members. This stamp is used at the back side of every receipt.
- Recipient Signature
- In case of Part Time Coach or Sweeper Salary, the signatures of the recipient is a compulsory one.
All these stamps are compulsory for record keeping receipts. For bills from any trader, invoices and tax returns must also be pasted and numbered.
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NSB