ISLAMABAD: Federal Board of Revenue (FBR) has launched online system for verification of invoices, which issued against purchases from retail outlets.
The FBR launched the integration of sales and purchases by Tier-1 retailers with aim to encourage 100 percent invoice submission to the revenue body.
The FBR has given deadline of December 15, 2019 to all Tier-1 retailers, who are required to integrate their Point of Sale (POS) with the FBR system for submission of sale invoice on real-time basis.
The FBR issued following procedure for reduced sales tax on invoices issued through online system:
• Customers visit the counter to pay for his/her shopping
• Customer visit the counter to pay for his/her shopping
• Counter Boy Prepare the Invoice
• Invoice is forwarded to FBR system for invoice number
• Fiscal Invoice is generated, encrypted and stored in FBR Sale Data Controller and returns a fiscal invoice number to POS.
• FBR Sale Data Controller Synch. the data with FBR central server on periodic basis.
• POS generate the QR Code for fiscal invoice.
• The receipt is printed out from the POS and physically delivered to the customer
• Customer receive the printed fiscal invoice and verify it from FBR System using any of proposed mode.
• On verification of invoice, FBR system mark this invoice for 6 percent tax collection. In case of non-verification of invoice, Bill will be changed as 9 percent tax collection.
• Customer pay the bill according to the applied tax.
SAARC chief urges turning South Asia’s challenges into opportunities
ISLAMABAD: President of the SAARC Chamber of Commerce and Industry, Chandi Raj Dhakal, has emphasized that South Asia’s economic and...
