FBR Now Requires Name of The Buyer From Retailers if Invoice is Over Rs. 100,000

The Federal Board of Revenue (FBR) has made it mandatory for the retailers/integrated suppliers of the point of sale (POS) system to provide names of buyers/customers where invoice value is over Rs 100,000 to the FBR. The FBR issued SRO 1006(I)/2021 on Monday to issue a standardized format for invoices for the retailers/integrated suppliers. ALSO READ Banking Industry Misses Agriculture Credit Target of Rs. 1.5 Trillion in FY21 According to SRO 1006(I)/2021, the name is required to be recorded when the customer is liable for tax or credit or when the invoice value is above Rs. 100,000. In exercise of the powers conferred by the first proviso to sub-section (1) of section 23 of the Sales Tax Act 1990, the FBR has specified a standardized format for invoices issued under sub-rules (5) and (6) of rule 150ZEB of the Sales Tax Rules 2006: Under rule 150ZEB of the Sales Tax Rules 2006, the registered persons (integrated suppliers) shall install such fiscal electronic devices and software, as approved by the Board, available on its website with complete technical instructions for installation, configuration, and integration. The integrated suppliers shall notify the Board through the Computerized System of all their outlets, and the integrated supplier shall register each point of sale (POS) to activate the integration. ALSO READ CDA Launches Citizen Inspection Survey to Transform Islamabad Under the standardized format for invoices, the following information interalia is required to be clearly printed on every invoice issued through all Point of Sale (PoS) systems integrated with FBR, namely: A sample invoice is appended herewith for ease of replication, FBR added.