FBR has decided to implement online invoice system with shopping store chains across the country from November 01, 2019.
The point of sale invoicing system is an online real-time system for documentation of sales tax connects the computerized sales system for large retail stores i.e. Tier-1 retailers to FBR’s system through internet.
According to FBR the Tier-1 retailers are:
(a) a retailer operating as a unit of a national or international chain of stores;
(b) a retailer operating in an air-conditioned shopping mall, plaza or centre, excluding kiosks;
(c) a retailer whose cumulative electricity bill during the immediately preceding twelve consecutive months exceeds Rupees six hundred thousand;
(d) a wholesaler-cum-retailer, engaged in bulk import and supply of consumer goods on wholesale basis to the retailers as well as on retail basis to the general body of the consumers”; and
(e) a retailer, whose shop measures one thousand square feet in area or more.”;
The FBR said that retailers do not need to purchase any new machines to get linked with this system. “They can get linked by simply downloading an application in their existing machines,”
The revenue body further said that a barcode or QR code automatically gets printed on the invoice generated through a sale by the retailer.
Customers can verify the sales tax payment through the Tax Asaan Application.
The FBR further said that the system helps retailers in automatic preparation of sales tax returns and thereby reducing their expenditure.
The revenue body said that adopting the POS Invoicing System will end periodic inspections by FBR officials. The FBR further said that the system had been running successfully for over a year at 3,824 outlets of 70 famous top textile and leather brands.
The FBR said that from November 01, 2019 the system will be implemented for restaurants in Islamabad and all shopping store chains across the country.
#Online_Invoice_System #Large_Retail_Stores #FBR
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