Islamabad: The Federal Board of Revenue (FBR) has announced a deadline for Tier-1 retailers to get registered with the authority, according to news sources. A failure to get registered will prevent retailers from receiving a 60% credit for input tax that is claimed in the sales tax return for July. As per the details available, the last date for non-integrated retailers to get registered is August 15.
The FBR recently launched an integration drive of Tier-1 retailers with the issuance of Sales Tax General Order No 1 of 2022. Through this order, a system-based approach has been adopted for the integration of non-integrated Tier-1 retailers from August 1.
Moreover, the FBR has uploaded a list on its website of non-integrated retailers, although Tier-1 retailers that don’t fall under the classification of Tier-1 retailers in Section 2(43A) of Sales Tax Act, 1990, can apply to the commissioner by August 10 to get themselves excluded from the list.
Additionally, it was reported that the list will be updated regularly on a monthly basis. All the taxpayers in the list will be termed as non-integrated Tier-1 retailers and they will be disallowed credit input tax as long as they do not get registered with the authority.
Iqra holds BS in International Relations and is passionate about writing engaging content on trending real estate topics. When not working, she is either spending time with family, shopping, or discussing shows & movies.
