Our Special Correspondent
LAHORE: Federal Board of Revenue has released the information about refund claims sanctioned through FASTER (Fully Automated Sales Tax e-Refund) system developed for quick processing of refunds due to exporters. Since July 2019, Refund Claims amounting to Rs. 59 billion have been filed and FBR has sanctioned Rs. 56 billion, which comes to around 95 % of the claimed amount. During the month of March, FBR has sanctioned refunds of Rs. 25 billion approximately to exporters.
FASTER is a fully automated system which uses a Risk Management System for processing Sales Tax Refunds without human interference. FASTER is operational for the tax periods July and onwards. FBR strives to make timely payment of Refunds to exporters so that they don’t face any liquidity issue.