The Federal Board of Revenue (FBR) issued orders for action on DAMAS Jewelers, Lahore, a large retail store of gems and jewellery located on MM Alam Road, Lahore, as part of its country-wide push to enforce Point of Sale (POS) Integration and enable digital monitoring/reporting of sales.
Despite repeated cautions, the retail outlet failed to integrate its operations with FBR’s Point of Sale System (POS). It was allegedly implicated in underreporting sales, resulting in a significant loss to the national budget.
It’s worth noting that the FBR has opted to apply Section 40B to Tier-1 retailers’ retail outlets that either haven’t linked with the POS system or continue to break the law by making fraudulent sales despite choosing for integration. The law must be enforced in any way feasible.
As a result, on December 25, 2021, a team from the Zone-II Regional Tax Office in Lahore arrived at the Registered Person’s business premises for action U/S 40B and began real-time monitoring of its sales
FBR will continue to take similar steps to ensure that all Tier-1 retailers’ POS integration is met in text and spirit.
This cutting-edge digital effort intends to track transactions in real time and ensure that the tax received from customers at the point of sale is deposited in the state coffers.
FBR has launched a thorough campaign on both electronic and print media to educate customers about the breadth and importance of the POS system, as well as a lucrative Rs.53 million reward scheme.
Every month, the lucky 1007 winners will be awarded rewards via a computer ballot held at FBR Headquarters in Islamabad on the 15th of the month. On January 15, 2022, the first lucky draw will be held.
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