- Nyxoah announces full-body 1.5T and 3T MRI compatibility for the Genio® system to treat Obstructive Sleep Apnea (OSA)Posted 12 hours ago
- JETEX EXPANDS ITS PRESENCE IN DUBAIPosted 1 day ago
- InvestorBrandNetwork (IBN) Recaps 2020 Milestones, Outlines 2021 InitiativesPosted 4 days ago
- JinkoSolar Supplied 17.5MW High-efficiency Modules to Fauji Solar Power Plant in PakistanPosted 4 days ago
- Low Carbon on Cement Possible with CCSPosted 5 days ago
- Biotalys Submits First Protein-Based Biocontrol Registration Package to the EPAPosted 5 days ago
- نینو،30 ټائمز په ذریعہ زیفیرټیل د حل په ذریعہ د مواد فراہمی ګړندې کوې۔Posted 5 days ago
- جیمن کئیر نے anti-SARS-CoV-2 کو بے اثر کرنے والی اینٹی باڈی JMB2002 کے طبی تجربے کے پہلے مرحلے کا آغاز کردیاPosted 6 days ago
- NANO Accelerates Content Delivery by Thirty Times with Solutions from ZephyrTelPosted 6 days ago
- نانو نے زیفیرٹیل کے حل کے ہمراہ مواد کی فراہمی کی رفتار30 گُنا بڑھادیPosted 6 days ago
CREST-FBR’s software to facilitate taxpayers
ISLAMABAD: The Federal Board of Revenue (FBR) is capturing transactions by registered persons to identify where a registered person is denied benefit admissible under the Sales Tax Act. FBR has developed Computerized Risk-based Evaluation of Sales Tax (CREST) software that checks information in monthly returns, import / export data and cross matches for every registered person, says a statement issued by FBR here Thursday.
Exceptions that emerge will be conveyed electronically to registered taxpayers who in turn can explain the position to FBR by using CREST and attaching their supporting documents.
The CREST system has in-built capacity to verify the veracity of reply received from the registered person.
The CREST system is designed for Sales Tax and is based on declarations and covers area including Purchases, Input tax adjustment of buyers and suppliers.
Zero Rated Sales to registered person with non-active ATL or blacklisted or suspended Sales Tax Registration Numbers (STRNs).
Section 8B-exemption-claims against qualifying criteria per notification.
Exports claim in returns which do not match with Customs export data and Commercial Imports by non-manufactures who also do not show value addition on imports.
Introductory workshops were held in Lahore and Karachi. The system is in test-stage and messages to 1,000 sales tax payers have already been sent by FBR alerting them to discrepancies detected in their cases.
The features of this new system are that the CREST allows faster and timely sending of discrepancy-alerts to taxpayers. The system also provides taxpayers an IT system that they can use in order to reply to the CREST discrepancy-alerts without taxpayer needing to visit the tax offices.
The CREST use by taxpayers is an optional-facility and taxpayers can ignore it and make an in-person visit to tax office to explain his position regarding the discrepancy-alert.