Islamabad: According to news reports, the Federal Board of Revenue (FBR) told shops on Thursday (October 14) to declare cash reductions granted to end-users on standardized sales tax bills.
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On August 9, 2021, the board issued SRO 1006(1)/2021, which outlined the basic requirements for the Point of Sales System invoice. The clarification was offered in connection to the value of supply, as defined in Section 2 of the Sales Tax Act of 1990, sub-section (46).
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The FBR clarified that the above-mentioned reduction only applies to business-to-business transactions and not to consumer discounts. The corporation will now display the cash discounts granted to clients at the point of sale (POS) on standardised sales tax invoices, according to the new explanation. When enterprises and chambers of commerce from around the country addressed the FBR regarding the notification SRO 1006(1)/2021, the situation was brought to their attention.
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