FBR Ask Retailers to Mention Cash Discounts on Sales Tax Invoices
According to news sources, the Federal Board of Revenue (FBR) has instructed merchants in Islamabad to include customer cash discounts on standardized sales tax invoices.
In notification SRO 1006(1)/2021, which was published on August 9, 2021, the board previously stated the minimum standards for the Point of Sales System invoice. In line with subsection (46) of section 2 of the Sales Tax Act of 1990, a description of the supply value was provided.
The FBR emphasized that customer discounts are not included in the aforementioned reduction because it only applies to transactions between businesses.
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The new reason is that the company will now indicate on standardized sales tax invoices the cash discounts offered to customers at the point of sale (POS).
When firms and chambers of commerce from around the country approached the board regarding notification SRO 1006(1)/2021, the board became aware of the problem.
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