The FBR has automated the sales tax refund system, for the export sector and now the claimants for a refund of sales tax can get their claims processed online. The system is called the Fully Automated Sales Tax E-Refund or FASTER.
The system is for five export industries namely the textile, carpets, leather, sports equipment and surgical instruments.
The system will automatically analyze the data given by the claimants and will calculate the sales tax refund amount based on the raw material consumption, of that particular industry, to produce it’s outputs.
So, once the refund request gets submitted by the claimant, the system will calculate the amount of sales tax return and will automatically generate a refund payment order (RPO) and forward it to the State Bank. This process will take 72 hours from the time of request submission. The RPO will be forwarded to the State Bank, which in turn will submit the refund in the notified account of the claimant.