Paying tax is an integral part of the businesses which retailers have to spend on their profits. If you are a business retailer and planning to opt for any point of sale software for your retail business, then you must go with the point of sales software which is integrated with the Federal Board of revenue. FBR is a central revenue agency in Pakistan that collects taxes and administers tax laws. Moreover, it ensures that taxes are collected per government law and are timely deposited to the national government treasury. Recently, the government of Pakistan has announced under the provisions of the sales tax act 1990 that it is mandatory for the tier-1 retailers to have a POS installed and integrated with the FBR otherwise they would face a serious penalty of up to 1 million rupees and continuing failure to integrate with FBR may result in sealing of their premises and embargo on the sales.
FBR Integrated POS Software
Having FBR integrated POS has become mandatory recently in order to keep a check on the correct reporting of sales and due tax. At the same time, the retailers must have to install Point of Sale software in order to operate their businesses. According to the December 2019 regulations FBR has entered into a deal with the chain store retailers to install sales software to their large or small enterprises to generate a real-time invoicing system for documentation of sales being made by them across Pakistan. Hence the regulations made by the federal board of revenue make it mandatory for tier-1 retailers to integrate their retail outlet with a computerized system or software that provides real-time reporting of the sale. From there, the official announcement for having a Point of sale software or any other relatable software was made.
At the same time, different other regulations have also been introduced, such as according to the regulation Tier-1 retailers must obtain a license before carrying out integration to their retail business to any software. Similarly, the Tier-1 retailers are prohibited from generating any receipt without mentioning the QR code or FBR invoice number. Additionally, those retailers who already have the Point of Sale software installed in their grocery store, toy shop, brick, and mortar store, etc., must install separately a component software authorized from FBR and then integrate that component software with FBR. However, there are many latest POS softwares for the retailers like HowmuchPOS that are automatically incorporated and licensed with FBR and benefit the retailers, so retailers do not have to go the extra mile to fulfill the criteria of having FBR-integrated POS.
What is a POS system? A Deep Insight
How to Choose the Best POS System for Your Small Business
Benefits FBR Integrated POS Software
Having an FBR integrated Point of Sale Software benefits retail businesses in many ways, such as
The retail stores that have FBR integrated POS are considered trustworthy and authentic, and ultimately it enhances their reputation in the market.
The retailers also get the benefit of effortless reporting of their sales and taxes because FBR integrated POS will automatically update reports and invoices to FBR servers.
FBR integrated POS saves the retail stores from many penalties.
Similarly, FBR integrated POS generates the FBR authorized receipts that will eliminate the skepticism among customers about whether the sales tax is approved officially or not.
The Best FBR Integrated Retail POS
To facilitate the retailers to have an FBR integrated Point of Sale software, Howmuch has launched a POS for the retailers which are already integrated with the FBR. It generated payment, invoices, receipt of payment either through cash or through credit or debit card authorized with FBR. howmuch POS is a highly advanced and elite quality point of sale software for the retailers specializing in CRM and Inventory management. Howmuch POS is specifically designed for the retailers to manage stock, track sales, print receipts, and maintain cyber security and data integrity of all the processes involved in the cloud management of the businesses. With howmuch retailers can generate an FBR integrated invoice in a straightforward way.
FBR Integrated POS Software FAQs
Do retailers have to take any permission or license before opting for any POS software?
Yes, The retailers need to have permission to opt for any operating software at the same time they have to opt for the software which is authorized from FBR.
Why should I integrate my POS with FBR?
POS integration with FBR is mandatory as per the government regulation. The main reason behind the restrictions of having FBR integrated POS is that the retailers may ensure that they are collecting tax from the customers at the cash counter. Then they deposit the exact amount to the government.
How to generate an FBR integrated invoice?
With FBR integrated POS software, retailers will automatically generate FBR integrated invoices by entering invoice information such as the client’s details and products, mark the invoice as paid, reconcile it with the FBR fiscal module, and generate the FBR invoice number.
Is it necessary to generate an FBR integrated invoice?
Under the sales act regulations, “the retailer will print the invoice with the FBR invoice number and the QR code, while the soft copy of the invoice will remain to be saved in the system as a record.”