FBR has issued a notification of a special tax regime for small shopkeepers, and Individual shopkeepers doing business up to Rs 20 crore annually will be able to benefit from the scheme.
According to the notification issued by the FBR, individual shopkeepers doing business up to Rs 20 crore annually will be able to benefit from the scheme.
According to the FBR, the special regime will be implemented only for the tax year 2026, while one percent tax will have to be paid on the total turnover under the scheme. According to the FBR notification, it has been made mandatory to pay at least Rs 25,000 in cash tax along with the return, while withholding tax will be deducted from the tax payable and the excess amount will not be refunded.
According to the FBR, eligible vendors will be able to register through the IRIS portal, mobile app or tax office, while vendors who opt for the scheme will not be audited in general. According to the notification, departmental action can be taken in case of unusual transactions or misuse, while eligible vendors will be exempted from the POS system and digital invoicing.
The FBR says that failure to file returns or opt for the scheme by the due date will attract a fine of Rs 10,000 to Rs 50,000, while registered eligible vendors will be issued a “green plate” with a QR code by the FBR.
Read also:
