FBR’s decision to document purchase and sale of 7053 goods and services across the country
Pakistan Revenue Automation Limited (PRAL) has issued a 215-page notification listing these goods and services.
ISLAMABAD ( Web News )
Federal Board of Revenue (FBR) has decided to documentation the purchase and sale of 7053 goods and services across Pakistan. It has issued a notification listing the list of goods and services for which digital invoices for purchases and sales have been issued and the digital invoices must be sent immediately to FBR under the data sharing system of APA. What is the FBR has decided to issue digital invoices for services and goods, including federal and provincial services, goods subject to concessional rates of sales tax and federal excise, goods and services subject to Sales tax is levied in federal excise mode, goods on which federal excise duty is levied in sales tax mode, goods exempt from taxes and duties, supply of electricity, supply of gas, supply of CNG , supply of petroleum products, mobile and smart phone SIM activation cards, telecommunication services, steel products, cotton ginning, cement and concrete blocks are important. It has been decided to give them the status of tier one retailers in the sales tax system and to register them in the sales tax system. Number 1842 (i) 2023 has been issued in which it is stated that under Section 56 of the Sales Tax Act, 1990, FBR has decided to amend the Sales Tax Rules, 2006, in this regard, a new section 150 ZEA has been inserted after Section 4 and Section 5. A clause has been added which states that a new benchmark has been set for sales tax registration of large and air-conditioned stores located in posh areas across Pakistan, under which such stores have advance income on purchases from customers. Tax collection (withholding) is Rs.one lakh or more on monthly basis now they have to register with FBR under tier one system of sales tax and they have to install point of sales electronic machines and Electronic data sharing system for data sharing with FBR and they have to perform the duties of withholding agent for deposit of Friday sales tax and withholding tax to national exchequer, FBR has appointed another SRO. Under No. 1845, it has been decided to oblige the installation of electronic data devices in large stores across the country to determine their monthly and annual sales volume. The draft of the new amendments in the Tax Ordinance has been issued for acquisition within 7 days of which seventy-three large stores must complete the installation of electronic data devices within 3 months to compile electronic records of their sales and the operation of this device. The information of the service provider of the point of sales performing the duties will have to be provided to FBR. BR has to provide electronic access, to settle all these issues, a Licensing Committee has been set up in FBR under the chairmanship of Member Digital Initiative, which will do the accreditation of big stores and punish them for violating the rules. will exercise the power to suspend or cancel the accreditation, the Additional Commissioner of Inland Revenue (Grade) 19 will be appointed in the Inland Revenue Offices across the country to process the applications for these accreditations within their limits. Under another SRO No. 1846, the FBR has issued a draft of amendments to the Income Tax Ordinance for obtaining views and objections within 15 days, under which the FBR has issued a notice at various levels across the country. Decided to register swap agents and electronically data up-link with them for depositing sales tax, income tax and federal excise duty deducted from major transactions to the national exchequer. shall be obliged to issue an electronic or digital invoice of and provide this digital invoice to the FBR under the prompt electronic data sharing system, these swap agents shall be liable for income tax withholding, federal general sales tax, federal federal Digital invoices of excise duty and general sales tax on provincial services must be provided to FBR. Any swap agent who fails to provide the required information to FBR electronically and digital invoice, will be subject to disciplinary action under Income Tax Ordinance 2001. will be implemented.