The Federal Board of Revenue (Pakistan) has now made it mandatory for all tier-1 retailers to integrate their POS system with FBR for live sales reporting, increasing their tax collection. The ultimate goal of FBR POS integration is to achieve 100 percent invoice submission in the Electronic Device System (EDS).
One of the key advantages of FBR integration with the POS system is that it will help the retailers upload sale invoices automatically in the FBR server, and it will reduce the expenditure cost of taxation services by automatic preparation of the STR for the Tier-1 retailers.
According to the recent amendment made by the tax-collecting agency in the Sales TAX Rules 2006, it is now mandatory for the Tier-1 retailers to have FBR POS integration software. CISePOS also offers easy FBR integration service to the customers on our existing POS system based on customer convenience and no additional hardware requirement.
In this article, we will discuss how retailers can easily submit taxes by using FBR POS integration and how the CISePOS system is helping businesses in this regard.
Benefits of FBR POS Integration
1. Sales Reporting & Taxation:
The Cloud-POS system developed by CISePOS offers flexibility to the business by providing retailers with the option of adding different tax percentages defined by the FBR according to the items. In the Add Item window, the user can select the tax as defined by them in the Add New Tax section.
The retailers can generate multiple reports according to the requirement to analyze the information related to tax collection. CISePOS system also has the feature of branch-wise tax collection reporting for the retailers operating multi-location operations.
2. Verifying Tax Submission:
Once the FBR POS integration is completed, all the sales transactions recorded in the POS system will be uploaded directly to the FBR server in real-time via the internet. Each sale receipt generated by the CISePOS application will have a unique FBR invoice number and QR code, which can be easily verifiable by the consumers through using the FBR Tax Asaan app.
The online FBR integration system will help the retailers in many ways like it will end the FBR periodic inspections of the business, and it will make them eligible for the full input tax credit for the financial year.
FBR Approved Business:
The FBR has now published a list of authorized POS system providers in Pakistan for the retailers who are now expected to use FBR POS integration software. CISePOS is amongst the listed business facilities as we provide a complete cloud-based point of sales solution with dedicated support to the retailers.
The Cloud POS system by CISePOS is designed to facilitate the retailers in the best way possible by offering them accounting features like detailed sales reporting, flexible transactions, mobility and many more, which are very effective in tax submission.
Conclusion:
FBR POS integration is an essential step towards digitalization in Pakistan. It is beneficial and mandatory for Tier-1 retailers as listed by the FBR. The integration is easy and doesn’t require any additional hardware requirement and makes them eligible for the full input tax credit.