ISLAMABAD: The Federal Board of Revenue (FBR) has directed all importers, manufacturers, wholesalers/ dealers/ distributors and wholesaler-cum-retailers of fast-moving consumer goods to operate under FBR’s electronic sales tax (e-ST) integration system.
In this regard, the FBR has issued an SRO 1525 DI (I) / 2023 on Tuesday.
According to a notification, the FBR has notified the following registered persons in terms of Rule 150Q of the SRO 1525(1) /2023: (i) All importers and manufacturers of fast-moving consumer goods; (ii) All wholesalers (including dealers), distributors of fast-moving consumer goods; and (iii) All wholesaler-cum-retailers engaged in bulk import and supply of fast-moving consumer goods on wholesale basis to the retailers.
In this notification, unless there is anything repugnant in subject or context, “fast moving consumer goods” means consumer goods which are supplied in retail marketing as per daily demand of a consumer excluding durable goods, the FBR added.
The board has issued the notification to provide mode and manner for issuance of electronic integrated invoices for more categories of registered persons from such date as notified by the FBR.
The new procedure shall apply to electronic transmission of sales tax invoices by the registered persons from such date and in the manner as may be specified by the board through notification in the official gazette. The integrated supplier shall issue a real-time verifiable electronic sales tax invoice for every taxable supply and service made by him, containing such information as prescribed under section 23 of the Act.
The registered person shall also retain the record and documents for a period of six years on electronic media, the FBR said.
The FBR stated that the integrated supplier shall comply with all requirements specified by the Board for integration, recording, storage, issuance and transmission of verifiable electronic invoices in real-time, such as provision of any hardware, software or connectivity required under these rules for the purpose of integration and operations of the electronic invoicing system.
Copyright Business Recorder, 2023
Comments
Comments are closed for this article.