Tuesday, 23 April 2024
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FBR warns retail stores to register with point of sale (POS) System to avoid heavy fines
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FBR warns retail stores to register with point of sale (POS) System to avoid heavy fines

FBR warns retail stores to register with point of sale (POS) System to avoid heavy fines and using this system will end periodic examinations by the Federal Board of Revenue. It will also assist retailers to prepare monthly sales tax returns without much inconvenience. When the POS Invoicing System downloads, it will print a barcode on every customer receipt generated by the FBR’s point of sale system. Afterwards, the invoice data will upload on the FBR’s servers forthwith on a regular basis.

FBR warns major retailers to connect to point of sale system (POS) of FBR by August 31. All major retailers with chain stores and running businesses in air-conditioned shopping malls across the country should join point of sale invoice system (POS) of FBR.

Retailers whose electricity bill exceeded Rs. 12 lakh last year or whose shop size is one thousand square feet or more should connect to the FBR’ POS system.

 


Retailers that import or supply large quantities of goods must connect all their retail outlets to the POS system by August 31, 2020.

See also  FBR Allowed to tourists to import vehicles without Duties and Taxes

Otherwise, FBR may fine up to Rs 1 million after the deadline. All such retail centers will close for further violations even after payment of fines.

 

 

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