March19 ( Agencies) In a bid to ensure transparency, the Federal Board of Revenue (FBR) has decided to upgrade the Automated Sales Tax e-Refund System (FASTER).
The purpose of upgradation is to deal the complaints and to ensure transparency in the processing of sales tax refunds .
The FBR has to make
alterations in FASTER system after series of sessions with the stakeholders. It had to take care of the value addition check and local supplies for filing of Annex-H .
It was suggested by FBR that
Inadmissible inputs shall not be allowed during processing of refunds through FASTER. It was also asked to take care Input tax adjustment as it shall not be allowed to the manufacturers of these sectors on the goods.
The negative list of such unrelated goods is also prepared in which 717 items are included.
The FBR also asked that the FASTER shall defer proportionate input tax refund against export GD under objection. Logical check shall be enabled in system to cross match the date of export GD with the date of purchase invoices.
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