Wednesday, 28 February 2024
Trending
FBR fixes value-of steel goods for sales tax purpose SRO985
UPDATES

FBR fixes value of steel in respect of locally produced goods

The Federal Board of Revenue fixes the value of locally produced steel and scrap goods for the purpose of payment of sales tax.

As per SRO No. 985 (I)/2021 Dated: 4th August 2021 issued by FBR on Wednesday, that in the exercise of the powers conferred by the second proviso to clause (46) of section 2 of the Sales Tax Act, 1990, the FBR is pleased to fix the values in respect of locally produced goods for the purpose of payment of sales tax on ad valorem basis.

If you want to become active tax filer or want to get tax, accounting and corporate services in Pakistan then we are here to provide you professional services! Call: 0092-3334875413 | www.globaltaxconsultants.pk

Values of locally produced steel and scrap goods

FBR has fixed Rs. 140,000 per metric ton value of Steel bars and other long profiles, Rs. 125,000 per metric ton Steel billets, Rs. 120,000 per metric ton Steel ingots/Bala, Rs. 120,000 per metric ton Ship plates and Rs. 118,000 per metric ton on other re-rollable iron and steel scrap.

If actual value is higher than the FBR value ?

In case the value of supply of the goods specified in this Notification is higher than the values fixed herein, the value of goods shall be the value at which the supply is made, the SRO further explained.

See also  FBR withdraws all appeals in exemption on foreign remittances

Complete SRO is reproduced here as under:

S.R.O.985 (I)/2021- In exercise of the powers conferred by second proviso to clause (46) of section 2 of the Sales Tax Act, 1990, the Federal Board of Revenue is pleased to fix the values as specified in column (3) of the Table below in respect of locally produced goods in column (2) of the Table, for the purpose of payment of sales tax on ad valorem basis, at the rate as applicable to and specified in sub-section (1) of section 3 of the said Act, namely

S.NoGoodsValue
1Steel bars and other long profilesRs. 140,000 per metric ton
2Steel billetsRs. 125,000 per metric ton
3Steel ingots/balaRs. 120,000 per metric ton
4Ship platesRs. 120,000 per metric ton
5Other re-rollable iron and steel scrapRs. 118,000 per metric ton
Value of Steel Goods and Scrap as per FBR

2. In case the value of supply of the goods specified in this Notification is higher than the values fixed herein, the value of goods shall be the value at which the supply is made.

Download SRO 985 (I)/2021

Top Tax Consultants Tax Return submission Last Date
Ads:

Steel Goods Value | Steel Scrap Goods | Value of FBR | SRO.985 (I)/2021 | FBR | Federal Board of Revenue | FBR Value for Sales Tax | Sales Tax |

See also  Income Tax Returns Filing for Tax Year 2020 Reaches 2.93m
Newsletter
Subscribe Now

Sign up for  Daily Digest and get the best of News for you.

[contact-form-7 id="11414" title="Contact form 1"]

1 Comment

Comments are closed.
Tax.net.pk - Your Tax Experts and Consultants

Welcome to Tax.net.pk

Providing Expert Tax Services for Individuals and Businesses

About Us

At Tax.net.pk, we are dedicated to providing comprehensive tax solutions tailored to meet the needs of individuals and businesses. With years of experience in the industry, our team of tax experts is equipped to handle various tax matters, including tax planning, preparation of tax returns, and compliance.

We strive to stay up-to-date with the latest tax laws and regulations, ensuring that our clients receive accurate and reliable advice. Our commitment to client satisfaction and our in-depth knowledge of the tax landscape make us the trusted choice for all your tax-related needs.

Contact Us

For inquiries or to schedule a consultation, please reach out to us: