ISLAMABAD: The Federal Board of Revenue (FBR) Monday directed big retailers that the point of sale (POS) service fee of Re1 per invoice will be collected by the T-1 retailers from their customers.
The FBR has issued instructions on Monday regarding operationalisation of SRO 1006(1)/2021 dated 9th August 2021.
The FBR stated that a standardised format of the Sales Tax invoice has been issued detailing the “minimum requirements” of the Sales Tax Invoice.
It is informed that the “Invoice No” at the top of the standardised invoice is the “Unique sequential invoice number” as per Sub Rule (5) of Rule 150 ZEB of the Sales Tax Rules 2006 and will portray the Tier-1 retailer’s own sequential invoice number. The FBR invoice number shall be the 18 digit FBR’s fiscal invoice number as per Sub Rule (6) of Rule 150 ZEB of the Sales Tax Rules, 2006.
The FBR had issued an SRO 1006(I)/2021 to issue a standardised format for invoices for the retailers/integrated suppliers.
According to the SRO 1006(I)/2021, the name is required to be recorded when the customer is liable for the tax or credit or invoice value is above Rs100,000.
The POS Service Fee of Re1 per invoice shall be collected by the T-1 Retailer from the Customer and shall be deposited along with the monthly Sales Tax return, which is being amended to include a row for “POS Service Fee”.
Taxmen deputed at big retail outlets to monitor sales
This row shall be auto populated by the system based on the invoices generated and recorded at the Board’s computerised System.
The POS service fee collected each month shall be deposited by the T-1 Retailer in a separate Head of Account, the FBR said.
Under rule 150ZEB of the Sales Tax Rules, 2006, the registered persons (integrated suppliers) shall install such fiscal electronic device and software, as approved by the Board, available on its website with complete technical instructions for installation, configuration, and integration.
The integrated suppliers shall notify to the board, through the computerised system, of all their outlets and the integrated supplier shall register each point of sale (POS) to activate the integration.
Under the standardised format for invoices, the following information inter alia is required to be clearly printed on every invoice issued through all Point of Sale (PoS) systems integrated with the FBR, namely:(A) Business information; (B) Invoice details; C) Transaction details; and (D) the FBR details.
Copyright Business Recorder, 2021
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