FBR POS INTEGRATION AND TIER-1 RETAILERS
As per the latest regulations, every POS has to be in accordance with FBR POS regulations. Around 11,744 POS terminals have been integrated with the real-time reporting system by July 31, announced by the FBR has announced. For speeding up the process, the FBR also announced a prize scheme to encourage tier-1 retailers to get themselves integrated with the real-time sales reporting system. All Tier-1 retailers are required to integrate all their Point of Sales (POSs) with a computerized system of the Federal Board of Revenue (FBR).
The Sales Tax Act, 1990 defines Tier-1 retailer as retailer falling in any one or more of the following categories, namely: –
a) a retailer operating as a unit of a national or international chain of stores.
b) a retailer operating in an air-conditioned shopping mall, plaza, or center, excluding kiosks.
c) a retailer whose cumulative electricity bill during the immediately preceding twelve consecutive months exceeds rupees twelve hundred thousand
d) a wholesaler-cum-retailer engaged in bulk import and supply of consumer goods on a wholesale basis to the retailers as well as on a retail basis to the general body of the consumer.
e) a retailer, whose shop measures one thousand square feet in area or more; and
f) any other person or class of persons as prescribed by the board.
When asked why the FBR had selected tier-1 retailers initially for implementing the prize scheme and why it had not expanded to millions of retailers in the country? They said the definition of tier-1 retailers is quite broad and the Ministry of Finance is aiming to bring tens of thousands of retailers into the tax net through various initiatives.
Oscar offers the best POS software in Pakistan which is a cloud-based point of sale system designed for various businesses aligned with the FBR POS regulations.
How to choose the correct FBR POS system?
FBR POS integration will eliminate the need for FBR to conduct periodic tax evaluations and make filing sales tax returns easier for retailers. One only needs to download the invoicing system, which prints a barcode or QR code on every invoice generated from the POS for each sale. The same information is transferred to the FBR servers due to FBR POS integration.
The FBR POS systems available for retailers can account for any returns or exchanges and incorporate them in the sales data shared with FBR. FBR has definitely taken a good step in the right direction by setting up the FBR POS integration for retailers. However, there are multiple options available when it comes to choosing a POS system provider.
Every Retailer wants an affordable service provider that caters to all your POS needs and now the FBR POS integration is also essential. Oscar POS offers an all-in-one consolidated solution to retailers. This is a cloud-based POS service that helps improve the intricate and complicated processes of your retail business. Oscar POS offers the following benefits to the retailers:
1. Detailed Reporting and Analysis
Oscar POS enables you to extract periodic reports from this POS system in order to evaluate your current performance and to be able to make better strategic decisions. This can minimize the efforts when filing taxes
2. Clear and Precise Dashboard
Oscar POS dashboard provides a comprehensive summary of all significant numbers. You do not need to go to different tabs to get a quick summary of your business’s performance and relevant numbers.
3. Inventory Management
Retailers today sell their merchandise across multiple channels. At times it can be tough to manage the inventory across different sales channels. Oscar POS platform offers retailers the features of tracking and managing inventory across multiple platforms. This also helps in adjusting the returns/exchanges and records such transactions to reconcile sales at the time of filing of sales taxes.
4. Flexible Payment System
Customers who visit a specific retail outlet prefer having multiple payment options when it comes to paying for their purchases. If you don’t offer them these options they might just choose another outlet that offers this facility. Oscar POS comes with a built-in system that incorporates multiple payment mediums for your customers. This will be a good asset for your retail outlet given the rise in payment mediums other than cash.