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| GST Registration in FBR Pakistan |
What is GST?
In FBR Pakistan, GST stands for Goods and Services Tax, which is a value-added tax levied on the consumption of goods and services. It is a federal tax that is collected by the Federal Board of Revenue (FBR) and is applicable to all goods and services except for those that are exempt or zero-rated.
The current GST rate in Pakistan is 17%. GST is collected by registered taxpayers who are required to charge GST on their supplies and remit the tax to the FBR. Businesses with an annual turnover of Rs. 10 million or more are required to register for GST.
The GST system in Pakistan is designed to ensure that businesses pay their fair share of taxes while minimizing the burden on consumers. The GST system also helps the government to raise revenue, which can be used to fund public services and infrastructure development.
In addition to GST, there is also a separate tax called the Sales Tax, which is levied by provincial governments on the sale of goods within their jurisdiction. However, some goods are exempt from Sales Tax, such as basic food items, medicines, and agricultural inputs.
How to Register GST?
To register for GST in Pakistan, you need to follow the steps given below:
Visit the FBR website at www.fbr.gov.pk and log in to the Iris portal using your username and password. If you are a new user, you will need to register for an account on the Iris portal.
Click on the 'Registration' tab and select 'Registration for Sales Tax/ Federal Excise Duty/ Income Tax/ IT Enabled Services'.
Fill out the registration form with your personal and business information, including your name, address, contact details, and tax-related information.
Upload the required documents, including your CNIC, NTN certificate, bank statement, and other relevant documents.
Submit the registration form and wait for approval from the FBR. You may be required to attend an interview or provide additional information if needed.
Once your registration is approved, you will receive a GST registration number, which you must display on all your invoices and documents.
It is important to note that businesses with an annual turnover of Rs. 10 million or more are required to register for GST. However, businesses with an annual turnover of less than Rs. 10 million may also register voluntarily.
How to file GST Return, GST Return filing Process?
To file a GST return in Pakistan, you need to follow the steps given below:
Log in to the Iris portal using your username and password.
Click on the 'Sales Tax' tab and select 'Return Forms'.
Select the relevant tax period for which you want to file the return.
Fill out the GST return form with your business information, including your GST registration number, sales and purchase details, and tax liability.
Verify the information entered in the form and make sure it is accurate.
Submit the return form and wait for the acknowledgement receipt.
If you have any tax liability, pay it through the FBR's online payment system.
It is important to note that the due date for filing a GST return in Pakistan is the 18th of the month following the tax period. For example, if the tax period is July, the return must be filed by August 18th.
Filing your GST return on time and accurately is crucial to avoid penalties and legal issues. If you are unsure about the process or have any questions, it is recommended to consult a tax professional or seek guidance from the FBR.
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