FBR has cleared the confusion about the POS Integration. As to which retailers are required to integrate their point of sale with FBR.
POS Integration is a system through which the retailers will connect their point of sale with FBR, and FBR will monitor the transactions in real-time.
Here is the explanation of FBR about the POS Integration system.
1. Only Tier-1 retailers will integrate their POS with FBR.
2. Retailers will install computer software that should issue receipts with FBR invoice number/QR Code. The software should also handle all the returns and exchanges.
3. Tempering with the system will result in a fine of RS. 500,000 or 200% of the tax amount whichever is higher.
4. If the software vendor involves in any system manipulation, he will be subject to a fine of Rs 200,000 or imprisonment for up to 1 year.
5. Failure to integrate with FBR can result in a fine of RS 1,000,000 and may lead to the seal of the business.
6. Sweetmeat shops, bakeries, cafes, and snack bars will also integrate their POS if they fall in the tier-1 category.
7. Restaurants are required to integrate their POS with FBR whether or not they fall in the tier-1 category.