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.

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.

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

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

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 |