ISLAMABAD: The first payment through Fully Automated Sales Tax e-Refund (FASTER) module, against the refund claims for the tax period July, 2019, has been made on Monday September 02, 2019, and the State Bank of Pakistan has confirmed the credit of the refund amount in the bank account of the claimant, said a press release issued by Federal Board of Revenue (FBR).
It is highlighted that only nine refund claims of five exporter-oriented sectors were received by Friday, the 30th August, 2019, and the payment has been made against the claim that was cleared by the risk management system of FASTER module.
It is added that the number of refund claims received is not significant. FBR encourages the exporters to submit their claims in form Annex-H at the earliest so that their claims can be processed and paid.
In consequence of rescission of SRO 1125(I)/2011 dated 31.12.2011, which allowed zero-rating of inputs of five export-oriented sectors, Federal Board of Revenue had committed with the exporters of the said sectors, i.e. textiles, leather, carpets, sports goods and surgical goods, that refunds shall be paid to them within 72 hours of filing of refund claim.
FBR has earlier clarified that submission of Annex-H, which is a form in the monthly sales tax return, shall be treated as submission of refund claim.
For this purpose, FBR has developed a new IT module known as FASTER (Fully Automated Sales Tax e-Refund) and the same has been operationalized.
This module shall process claims of exporters of five export-oriented sectors for the tax period July, 2019, and onwards.