Many small businesses focus on the most important tax filings, such as the annual federal and state taxes. But on top of these, small busines owners must file a monthly sales tax return. Here’s what you need to know about this important tax form. You must follow the following steps in order to file a sales tax return on the Federal Board of Revenue portal.
- The first step is to go to FBR’s official website: fbr.gov.pk
- After that, enter the user ID and password of the firm.
- After logging in, a window displays a company’s profile with its historical return files.
- Click on Declaration to fill out a new sales tax return for any month. Once the tax year and months are displayed in the window, choose the year and month for which excise is being filed.
- In the fifth step, select Annexure C. When Annexure C’s windows appear, select “Add sales invoice” to report the month’s sales. Click the back button to view the excise profile after adding all sales returns.
- Then click on Annexure-A. After that, click the search button to bring up a box showing all of the previous month’s purchases. Select all entries, and then click the back arrow to return.
- Then create a PSID on the e.fbr.gov.pk website using electronic payments.
- Verify the result after providing PSID, followed by submitting Annexure C.
After confirming the return, choose the option to feed CPR below and attach the required CPR for one month. The return will be submitted when you click the “process and submit” button at the end.
You can also hire a Sales Tax Return Expert in Lahore for your Sales Tax Appeal in Lahore, PK.
Important Dates For The Submission Of Sales Taxes
Following are some important dates for the submission:
- Keep in mind that Annexure C is submitted first and that its due date is the 10th of each month.
- The 15th day of every month is the deadline for submitting Challan PSIDs.
- The concerned taxpayer must make The entire return submission by the 18th day of each month.
Submission of excise returns has several benefits. Continue reading to find out more about the advantages of sales tax returns.
Benefits Of Monthly Sales Tax Return In Pakistan
Sales tax returns are a crucial part of the administrative process in Pakistan. By submitting your excise return on time, you can ensure that the necessary taxes are collected from your business and that you pay the right amount of tax. By filing excise returns regularly, you can also ensure that your business is not audited. Auditors generally took for discrepancies between the amount reported on the tax return and the amount of money the business earned during the year.
The Department of Taxes recommends that businesses file excise returns on a monthly basis. However, many businesses find it challenging to file a monthly sales tax return. Fortunately, a solution to this problem is the monthly excise return system. Under this new system, companies do not have to file separate excise returns every month but can instead file a single consolidated tax return at the end of each month. The benefit of this system is that it is much easier to prepare and submit a monthly excise return than filling multiple excise returns every month.
Read more: Complete process of NTN registration
Tax evasion is one of the Pakistani government’s significant problems at the moment. The country needs to find ways to encourage more businesses and individuals to pay their taxes to generate revenue for the country and support its various development projects. If businesses pay their taxes on time and correctly, the government will be able to collect enough revenue to meet its expenses and provide essential services such as education and healthcare to its citizens. Paying taxes will also help individuals to feel more secure about their future and give them a sense of pride in being a citizen of the country.
