The Federal Board of Revenue (FBR) had previously announced the prize scheme for customers who purchase from the Point of Sale (POS) integrated retailers across the country, under which prizes worth Rs. 53 million will be distributed through balloting every month. The first lucky draw is being held today, 15 January 2022.
The first prize of Rs. 1,000,000 will be given to the winner who gets a receipt for buying from the retailers integrated with the POS machines. There will be four prizes valued at Rs. 250,000 each, and 1,000 prizes of Rs. 50,000 each. There will also be total prizes of Rs. 53 million for the winners who will receive POS-integrated receipts for their purchases.
The government decided to announce the prize schemes to entice customers to purchase from retailers that are connected with the POS-integrated system for paying their reduced GST rate. This is a part of the documentation exercise to broaden the narrowed tax base.
According to the government’s estimates, a total of Rs. 18 trillion to Rs. 20 trillion transactions occurred at the retail stage but the government was capturing or documenting business that is only Rs 3.5 trillion, so there was a huge untapped gap that could have made a big difference if bridged properly with the documentation exercise.
The FBR said that all the customers who purchase something from the POS-integrated retailers will be included in the prizes. Also, the lucky draw will be held on the fifteenth of every month.