FBR Reduces Sales Tax Rate on Petroleum Products

Sales Tax Rate Reduced On Petroleum Products

The Federal Board of Revenue (FBR) reduces sales tax rate from 17 percent to 15.44 percent on Kerosene oil and from 17 percent to 7.56 percent on Light diesel oil from May 1, 2021, to maintain prices of the petroleum products unchanged during the month of May.

The FBR amended S.R.O. 57(I)/2016 (sales tax on petroleum products) through issuance of a notification S.R.O. 557 (I)/2021 issued on Monday.

According to the notification issued, the standard rate of 17 percent would remain enforce on Motor spirit and High-speed diesel oil from May 1.

The federal government already kept the prices of petroleum products unchanged for the first fortnight of May 2021 because of Eid ul Fitr.

The government reduced the rate of PL on petrol to Rs. 6.39 per litre from Rs. 11.23 per litre. The GST on petrol, however, remained unchanged at Rs. 15.77 per litre notified for the second quarter of April.

The government took a downward revision of PL on SKO for the first half of May. The rate of PL on SKO reduced to zero from Rs. 3.51 per litre and GST was also reduced to Rs 10.70 per litre from Rs. 11.62 per litre.

tax accounting services top tax consultants lahore pakistan
Ads:

Sales Tax Rates | Petroleum Products | May 2021 | Unchanged | FBR | Federal Board of Revenue |

Vinkmag ad

Admin

Read Previous

Step by Step Guide for Registration as Builder & Developer

Read Next

Amazon in Pakistan

Leave a Reply

Your email address will not be published. Required fields are marked *

Share it !