The FBR further extended the date of the “Point of Sales” system until August 31. The FBR had introduced the “Point of Sales” system for real-time reporting of sales of large retail stores.
According to the details, the deadline has been extended to connect to the FBRK point of sales system introduced for the prevention of sales tax evasion and real-time monitoring of sales of retail stores. The FBR has issued a notification to extend the date of the “Point of Sales” system until August 31.
Despite repeated extensions, the FBR’s “POS” system has not yet been successful. The FBR is still facing strong resistance from retail store owners to implement the POS system.
It may be recalled that the FBR had introduced a point-of-sale system for tax evaders who did not collect taxes from the public and deposit them in the national treasury. According to the Sales Tax Act, all shopkeepers in the air-conditioned mall, And China store owners are required to register with the Point of Sale system. The POS system will be integrated with the existing vendor cell registered system which will create a transparent system of product sales.
In case of purchase from a POS linked shopkeeper, the public will be given a 3% cash discount on garments and leather products and an additional 5% discount on products purchased at the time of income tax return.
Extracted from City42 News