Tuesday, 28 May 2024
Big retailers integrated with FBR Point of sales system

Big retailers integrated with point of sales system of FBR

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 Federal Board of Revenue (FBR) has issued a report on the Point of Sales (POS) system, here on Tuesday.

Current status of integration with Point of Sales system of FBR

According to the report in Business Recorder, the overall ratio of integration i.e. 80 percent is encouraging; however, field offices are doing very hard to integrate the remaining retailers falling under the list of Tier-1 retailers with the FBR.

The ratio of integration of big sectors with the FBR’s POS shows that 83.5 percent of the leather and textile sector has been integrated, restaurants (88.2 percent) and Tier-I retailers (79.2 percent).

What is Point of Sales system (POS) of FBR?

The POS invoicing is a cloud-based system of FBR, which requires a computer, an internet connection and software downloaded and installed from the Pakistan Revenue Automation Private Limited (PRAL).

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List of Vendors for Point of Sales Integration with FBR

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.

What to do when you integrate with Point of Sales system of FBR

The retailers may not have to buy new computer systems as they can simply download the invoicing app on their existing systems in a manner prescribed by the Federal Board of Revenue (FBR).

Once the Point of Sales (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.

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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.

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