FBR (Pakistan) has made it compulsory for all the retailers who are part of the TIER-1 category to make their existing POS integrated with the launched EDS system. FBR POS integration aims to improve the process of submitting taxes for the retailers in real-time and record all the sales transactions processed at the retailer’s shop.
The FBR POS integration rule has been active since 1st December for all types of retail businesses, including grocery, supermarkets, restaurants, kiryana stores, and more. The process of submitting the tax will be expedited, and there will be no periodic inspections of FBR as well, which is a very lengthy process for retailers to complete the audit requirements.
How will FBR POS integration software work?
Once the FBR POS integration stage is completed, a QR code will be printed automatically on every successful sales transaction performed by the retailer on their POS system, and the same data will be uploaded to the EDS. Customers can verify the tax submission by scanning the QR code using the Tax Asaan application launched by the FBR.
Which businesses fall under the Tier-1 Category?
- Retailers who are importing products.
- Retailers registered as wholesalers, dealers, and distributors.
- Retailers who are manufacturing products.
- Retailers running franchises or branches of any foreign or domestic brands
- Retailers who are operating in shopping plazas, centers, or malls excluding kiosks.
- A retailer whose shop measures one thousand square feet in area or more.
- A retailer whose cumulative electricity bill during the immediately preceding twelve consecutive months exceeds Rupees twelve hundred thousand.
Penalty for non-compliance of FBR integrated payment solutions
To ensure that every retail business becomes part of the FBR POS integration, the tax collection agency has decided enormous penalties for the owners who fail to comply with the requirement. A Rs 1 million fine will be collected from retailers using POS systems without integration, and a further continuous violation will result in the business’s suspension.
How CISePOS assists retailers in FBR POS integration
CISePOS is offering complete assistance to retailers who want to integrate the system with FBR EDS. FBR POS integration does not require any additional hardware to meet the requirement. The Cloud-based POS system by CISePOS is already registered as an FBR-approved system which skips the process for retailers to register their point of sale system with the federal board of revenue. The CISePOS experts will complete the required steps of integration so that retailers can quickly meet the compliance requirements.
CISePOS systems are designed based on businesses’ modern-day requirements by providing them with different essential modules like accounting, CRM, inventory management, and more, which help streamline business operations and assist retailers during tax submission.
FBR POS Integration Advantages
There are many advantages for retailers after their POS system is integrated with FBR. Retailers can take full advantage of the full input credit for the fiscal year. Furthermore, it will also end the periodic inspection of the business conducted by the FBR department.
CISePOS allows retailers to insert different tax percentages for the products directed by the FBR. Users can define a new percentage of the tax in the Add New Tax section of the cloud-based POS system. Retailers also have access to various reports, which are available in the CISePOS system, which will help business owners during tax filing for the fiscal year.
FBR POS integration aims to smooth the process of collecting taxes and ensuring invoices are updated in the EDS in real-time. Retailers can easily meet the compliance requirement with the dedicated assistance being provided by the CISePOS support team so that they can enjoy the integration’s benefits.