Federal Board of Revenue issued Notification ref: SRO 1360(1)/2018 dated November 12, 2018.
A very important SRO by the FBR making amendments in Sales Tax Rules, 2006 whereby a new Chapter numbered as XIV-AA with the title of “online integration of leather and textile sector”.
The salient features are as follows:
- The Rules apply to supplies of finished fabric and locally manufactured finished articles of textile and textile made-ups and leather and artificial leather, as covered in Table II in Notification No. SRO 1125(1)/2011 dated Dec 31, 2011 under serial No. 1(vii) & 3. The supplies must be made by the registered persons who are integrated with Board’s online system for the purpose of availing lower rate on supplies as specified in condition (xv) mentioned therein.
- To specify the obligations as to systems, softwares, requirements of notifying the sale outlets, the procedure of recording and reporting with the integration system.
- The procedure for accreditation of Points of Sales (POS) systems
- Conditions of maintaining the record, granting access and audit
- Stating Online integration during intervening period
- Prescribing the consequences of non-compliance or contravention
- Procedure for reporting of failure to transfer sale data to the Board
Link of Document(s)