Fri. Mar 1st, 2024

ISLAMABAD: The Federal Board of Revenue (FBR) has introduced a compulsory requirement for integrated suppliers, mandating the declaration of all their outlets through the computerized system. Additionally, each point of sale (POS) must be registered to initiate the integration process, ensuring greater transparency and accountability in financial transactions.

The FBR has issued SRO 1775(I)/2023 to amend the Sales Tax Rules, 2006 here on Thursday.

The FBR has already decided to expand the scope of an electronic sales tax (e-ST) integration system to more categories of registered persons. Presently, Tier-I retailers are bound to use an integrated system of sales tax invoices which would be expanded to other sectors as well.

Under the new rules, the integrated supplier shall notify to the Board, through the computerised system, all his outlets (notified outlets) and the integrated supplier shall register each point of sale (POS) to activate the integration.

The information to be provided by the integrated suppliers included POS registration number; name of business; branch name; branch address; POS identification number; registration date name and NTN of the POS solution provider; name and CNICs of the proprietors or the directors of the solution provider.

The integrated supplier shall not issue temporary or draft invoices though POS system. In case of sales return or exchange, a proper debit or credit note containing the reference of the original invoice shall be issued through the system and the details of amount refunded or additionally charged, along with sales tax involved shall be clearly mentioned:

Provided that no sales return or exchange shall be entertained without reference to original invoice, the FBR added.

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By Zarish

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