ISLAMABAD: Federal Board of Revenue (FBR) has said that the retailers are not required to maintain information of Computerized National Identity Card (CNIC) of a consumer on sales not exceeding above Rs100,000.
The FBR issued Sales Tax Circular No. 1 dated August 06, 2020 to explain changes brought to main statute through Finance Act, 2020.
The revenue body said that through the Finance Act 2019, Section 23 of Sales Tax Act, 1990 was amended by inserting the condition of mentioning of CNIC of the unregistered purchaser on the invoice.
The measure was introduced to broaden the income as well as sales tax base.
However, in case of supplies by a retailer to end consumers, the requirement was applicable if the transaction value exceeded Rs50,000.
“Many representations were received stating that the retailers are facing hardship in obtaining CNIC of the buyers/ customers,” the FBR said.
Hence, amendment in section 23 has been made for enhancing the threshold from Rs50,000 to Rs100,000.
“Now, it would not be compulsory for the retailers to mention NIC of buyer if transaction value does not exceed Rs100,000 where supply is made to an ordinary consumer,” the FBR added.
