New single GST portal: Telecom and courier companies to be main beneficiaries

ISLAMABAD: The telecommunication companies, courier companies and other service providers would be the major beneficiary of the new single sales tax portal for filing of single sales tax returns by all federal and provincial sales taxpayers.

Prime Minister Imran Khan is expected to launch the Federal Board of Revenue’s new single sales tax portal for filing of single sales tax returns by all federal and provincial sales taxpayers from January 2022.

Presently, telecom companies, courier companies, and other services providers have to file multiple sales tax returns with the FBR/provinces and Azad Kashmir.

Sources said that the FBR is all set to launch single sales tax portal by the end of the current month. The landmark initiative has been made possible after thorough discussions with the provincial revenue authorities of Punjab, Sindh, KPK, Balochistan, and the AJK. This facility will enable taxpayers to file single monthly sales tax returns instead of multiple returns (six in the past) on various portals; thereby, significantly reducing the time and cost of compliance, and thus, achieving maximum efficiency.

The system would be intelligent enough to sift and collect revenues from a single taxpayer and distribute the same among multiple revenue agencies.

This unique project would also help in resolving the long outstanding issues of input tax adjustment among relevant stakeholders.

With the proposed launch of single sales tax portal later this month, the existing cumbersome and tedious processes would be replaced with an efficient and automated system of tax adjustments, with minimum human involvement.

The portal would also be beneficial for tax collectors in having a 360-degrees view of taxpayers’ business activities across the country in order to maximise revenue potential and tax compliance.

By all standards, this is a giant leap forward in taxpayers’ facilitation and at the same time, a significant step in harmonisation of taxes between federal and provincial governments.

The prime minister is likely to launch this mega national initiative, later this month.

Copyright Business Recorder, 2021