ISLAMABAD: A total of 1,572 big retailers have been integrated with the point of sales (POS) system of the Federal Board of Revenue (FBR).
The FBR has issued a report on the POS system, here on Tuesday.
According to the report, the overall ratio of integration i.e. 80 percent is encouraging; however, field offices are making all out efforts to integrate the remaining retailers falling under the Tier-1 retailers with the FBR.
The ratio of integration of leading sectors with the FBR’s POS revealed that 83.5 percent of the leather/textile sector has been integrated, restaurants (88.2 percent) and Tier-I retailers (79.2 percent).
The POS invoicing is a cloud-based system, which needs a computer, an internet connection and software downloaded from the Pakistan Revenue Automation Private Limited (PRAL).
The FBR has allowed 42 vendors, for the provision of the POS software services to retailers.
Retailers have the option to choose any of these 42 vendors to acquire services of POS software integration. However, in order to regulate the IT service providers, rules have been issued vide SRO 1063 (B)/2021 dated 24th August 2021, whereby IT service providers are to abide by certain procedures.
The retailers may not have to purchase new machines as they can simply download the invoicing app on their existing systems in a manner prescribed by the board. Once the POS invoicing system is downloaded, a QR code or a barcode is printed on every receipt generated by the POS system with each sale transaction. Meanwhile, the invoice data is uploaded on the FBR’s servers automatically on a regular basis.
The name of customer is required to be recorded when invoice value is above Rs100,000.
Moreover, the FBR also requires retailers to charge “POS Service Fee” @ Re1 per invoice. The POS service fee collected by the retailers shall be deposited along with monthly sales tax return, the FBR added.
Copyright Business Recorder, 2021