LAW TODAY REPORT –
Federal Board of Revenue (FBR) has started receiving live transactions of sales of finished articles of textile and leather, says a press release issued here on Tuesday.
FBR said that the eligible persons integrating or having already integrated their systems with the Board can now avail of reduced rate of 6 per cent on their sales as announced by the federal government.
The federal government had notified effective from 1st July 2018, a reduced rate of 6 per cent for finished articles of textile and leather for those registered persons who are online with FBR’s computerized system.
This system was made operational by issuing SRO 1360(I)/2018 on December 12, 2018. As many as 75 registered persons are now integrated with FBR and declaring sales of their 2574 outlets through this system.
The FBR’s system is now ready for receiving live sales transaction as specified in rule 150ZEB of Sales Tax Rules 2006. The eligible registered persons can download software and integrate all their already declared outlets with FBR’s system.
This is to be done by 3rd March 2019, in order to regularize the reduced rate already availed. In case of failure differential amount shall be recoverable.
The persons volunteering to integrate their systems for availing reduced rate on future supplies and who fulfil conditions in rules can approach respective Commissioners for approval in this respect. Websites hosted with a registered domain name have also been recognized to be treated as sales made through Point of Sale (POS).
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