LAHORE: The Punjab Revenue Authority (PRA) has amended the Electronic Invoice Monitoring System Rules 2019, under which restaurants with annual revenue of Rs6 million will be required to install an electronic invoice monitoring system.
According to the PRA, the amendment was made with the approval of Punjab government. Before the amendment, it was mandatory to install the system in restaurants with revenue of Rs10 million or more. After the amendment, the amount has been reduced to Rs6 million.
The amendments made by the PRA came into effect immediately. However, the invoice monitoring limit remained at Rs10 million for all other services.
The PRA introduced the Electronic Invoice Monitoring System to improve tax yields and prevent tampering with reported sales/transaction data.
The system collects invoice-level data from service providers in real time, generating a unique digital invoice for each transaction, which is recorded on the server of the tax authorities. The system was rolled out across Punjab in various phases, focusing on a handful of services.
Copyright Business Recorder, 2024
Comments
Comments are closed.