July 26, 2019 (MLN): The Federal Board of Revenue (FBR) has finalized a Fully Automated Sales Tax e-Refund (FASTER) system, whose aim is to promptly issue sales tax refunds to exporters.
The system has been adopted for five export-oriented sectors namely textile, carpets, leather, sports goods and surgical instruments.
The data in the refund claim shall be scrutinized and verified by the system and the payable refund amount shall be determined on the basis of input consumed in exports or supplies.
The refund payment order (RPO) of the amount found admissible shall be generated and electronically communicated direct to the State Bank of Pakistan, within seventy-two hours of submission of claim, for onward advice to the respective banks for credit into the notified account of the claimant.
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