FBR identifies around 500 more retailers for POS integration

DailyTimes  |  Dec 07, 2021

The Federal Board of Revenue (FBR) has identified around 500 more retailers for mandatory integration of Point of Sale (POS) with the tax system for online sharing of sales. According to a media report, the revenue collection body has continued its drive to link big retailers with the online system and identified more than 480 new retailers to comply with the mandatory requirement.

The POS requirement has been made mandatory for Tier-1 retailers. Through the Finance Act, 2017, a new Section 2 (43A) was introduced to define the Tier-1 retailers. As per the definition, the Tier-1 retailer is a retailer operating as a unit of a national or international chain of stores; a retailer operating in an air-conditioned shopping mall, plaza or centre, excluding kiosks; a retailer whose cumulative electricity bill during the immediately preceding 12 consecutive months exceeds Rs1,200,000; a wholesaler-cum-retailer, engaged in bulk import and supply of consumer goods on wholesale basis to the retailers, as well as on retail basis to the general body of the consumers”; and a retailer, whose shop measures 1,000 square-feet in area or more.

The FBR on December 3, 2021 issued the Sales Tax General Order (STGO) No 6 of 2022 to issue a list of 482 Tier-1 retailers. It warned those retailers to integrate their POS by December 10, 2021, otherwise their input tax adjustment would be denied and normal tax at 17 per cent would be recovered.

More News

Disclaimer: Urduwire.com is only the source of Urdu Meta News (type of Google News) and display news on “as it is” based from leading Urdu news web based sources. If you are a general user or webmaster, and want to know how it works? Read More