ISLAMABAD: The Federal Board of Revenue has notified new rules for payment of refunds to registered persons engaged in import or supply of zero-rated drugs.

       The refund claims will commence retrospectively from Jan 15, 2022.

       As per new rules, the data provided in the monthly national sales tax return will be used for calculating refund claim and no separate electronic data will be required. Moreover, the claimant may submit his/her return without Annex-H and the same may be filed separately at any time but not later than 120 days.

       The date of submission of Annex-H will be considered as the date of filing of refund claim. The period of 120 days may be extended for a period not exceeding 60 days, by the commissioner of income tax.

       After submission of refund claim, it will be processed by risk management system (RMS). Based on the parameters in RMS, a refund claim shall be routed to the processing module referred to as fully automated sales tax e-refund pharma (FASTER Pharma).

       The claims routed to FASTER Pharma module will be electronically processed. The data in the refund claim will be scrutinised and verified by the system and the payable refund amount will be determined on the basis of RMS quality check of input consumed in supplies.

       Published in Dawn, March 11th, 2022