Sep 02, 2019: 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 2nd September, 2019, and the State Bank of Pakistan has confirmed the credit of the refund amount in the bank account of the claimant.
It is highlighted that only 9 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, a statement issued by Federal Board of Revenue (FBR) Monday said.
It is added that the number of refund claims received is not significant.
The 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.
The FBR had committed with the exporters of the said sectors, such as; textiles, leather, carpets, sports goods and surgical goods, that refunds shall be paid to them within 72 hours of filing of refund claim.
The 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, the FBR has developed a new IT module known as FASTER 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.