AVN 64.96 Decreased By ▼ -1.21 (-1.83%)
BAFL 30.25 No Change ▼ 0.00 (0%)
BOP 4.64 Decreased By ▼ -0.09 (-1.9%)
CNERGY 3.88 Decreased By ▼ -0.13 (-3.24%)
DFML 13.55 Decreased By ▼ -0.55 (-3.9%)
DGKC 42.20 Decreased By ▼ -1.49 (-3.41%)
EPCL 45.81 Increased By ▲ 1.16 (2.6%)
FCCL 11.41 Decreased By ▼ -0.42 (-3.55%)
FFL 5.17 Increased By ▲ 0.20 (4.02%)
FLYNG 5.80 Decreased By ▼ -0.30 (-4.92%)
GGL 10.04 Decreased By ▼ -0.34 (-3.28%)
HUBC 63.30 Increased By ▲ 1.00 (1.61%)
HUMNL 5.75 Decreased By ▼ -0.10 (-1.71%)
KAPCO 27.83 Increased By ▲ 0.28 (1.02%)
KEL 2.13 Decreased By ▼ -0.08 (-3.62%)
LOTCHEM 25.33 Decreased By ▼ -1.27 (-4.77%)
MLCF 21.57 Decreased By ▼ -0.95 (-4.22%)
NETSOL 84.99 Decreased By ▼ -1.21 (-1.4%)
OGDC 86.23 Decreased By ▼ -0.04 (-0.05%)
PAEL 10.92 Decreased By ▼ -0.35 (-3.11%)
PIBTL 4.23 Decreased By ▼ -0.05 (-1.17%)
PPL 78.52 Decreased By ▼ -1.56 (-1.95%)
PRL 13.62 Decreased By ▼ -0.04 (-0.29%)
SILK 0.89 Decreased By ▼ -0.01 (-1.11%)
SNGP 40.86 Decreased By ▼ -0.89 (-2.13%)
TELE 6.00 Decreased By ▼ -0.21 (-3.38%)
TPLP 16.00 Decreased By ▼ -0.27 (-1.66%)
TRG 111.70 Decreased By ▼ -0.85 (-0.76%)
UNITY 13.99 Decreased By ▼ -0.36 (-2.51%)
WTL 1.13 Decreased By ▼ -0.07 (-5.83%)
BR100 4,026 Decreased By -48.6 (-1.19%)
BR30 14,402 Decreased By -123 (-0.85%)
KSE100 40,406 Decreased By -441 (-1.08%)
KSE30 15,088 Decreased By -123.1 (-0.81%)
Follow us

ISLAMABAD: The Federal Board of Revenue (FBR) has issued a list of 6,763 big retailers (Tier-1), which are not integrated with the FBR’s Point of Sale (POS) system and would be denied 60 percent input tax credit in case of non-integration by August 15, 2021.

The FBR has issued a sales tax general order number 1 of 2021, here on Tuesday.

The FBR has also placed the list of identified Tier-1non-integrated retailers on its website on Tuesday.

According to the FBR, the FBR has asked these retailers to approach the concerned Commissioner by August 10 for exclusion from the list, in case, the retailer claims that it is not a Tier-1 retailer. The FBR has decided to disallow 60 percent input tax adjustments for those Tier-1 retailers, who will not integrate with the POS software.

Taxmen deputed at big retail outlets to monitor sales

The list of non-integrated tier-1 retailers will be updated monthly on the FBR’s website and all those will be disallowed 60 percent input adjustment who will not integrate themselves with the POS software till 15th of every month.

The FBR has updated the list of 6,763 Tier-1 retailers across the country who are not integrated with the POS software.

The FBR has decided to update the list on 5th of every month and give them opportunity to apprise concerned Commissioner that they are not eligible to declare as Tier-1 retailers; otherwise, they will be disallowed 60 percent input adjustment in case of not integrating with the POS software.

According to Sales Tax General Order (STGO), the FBR in its drive across the country issued STGO No1 of 2022 by which a system based approach is being adopted to integrate non-integrated Tier-1 with retailers with effect from August 1, 2021.

A list of identified Tier-1 retailers has been placed at the FBR’s web portal.

If these Tier-1 retailers fail to integrate by August 15, 2021, they would be denied credit for input adjustments equal to 60 percent claimed in the Sales Tax Returns for the Month of July 2021.

July tax collection exceeds target by Rs71bn

If, however, a Tier-1 retailer feels that it is not Tier-1 retailer in terms of Section 2(43A) of Sales Tax Act 1990, it may get itself excluded from the list by applying to the Commissioner by August 10, 2021.

The list shall be uploaded by every month and taxpayers, who remain in the list shall be considered as non-integrated Tier-1 retailers and their input tax to the extent of 60 percent shall be disallowed as per the provision of sub-section (9A) of Section 3 of the Sales Tax Act, 1990.

Copyright Business Recorder, 2021

Comments

Comments are closed.

Non-integration by 15th: 6,763 retailers will be denied 60pc input tax credit

PM Shehbaz hopeful of IMF programme revival ‘this month’

Islamabad court sends Fawad Chaudhry to Adiala jail on 14-day judicial remand

By-elections: ECP announces polling schedule for 33 NA seats vacated by PTI MNAs

PTI challenges Punjab caretaker CM appointment in Supreme Court

India’s Adani slammed by $48bn stock rout, clouding record share sale

Canada names journalist Amira Elghawaby as first anti-Islamophobia advisor

India expects more clashes with Chinese troops in Himalayas

Premature termination of PPA of Hubco power plant recommended

Govt may exempt solar equipment from all taxes

Signing of deal in March: Refineries to get Russian oil by April-end