Steel re-rolling: SRO issued

RECORDER REPORT

ISLAMABAD: The Federal Board of Revenue (FBR) has increased sales tax to be shown in invoices issued to registered steel re-rollers, using ingots/billets of steel melters from Rs5,960 per ton to Rs6,306 a ton.

The FBR issued SRO332(I)/2012 here on Friday, amending the sub-rule (2) of Rule 58 of the Sales Tax Special Procedure Rule of 2007, increasing the amount of sales tax to be shown in the invoices.

Another SRO333(I)/2012 is an amendment in SRO308(I)/ 2008 dated March 24, 2008 to increase the rate of re-payment of sales tax paid on steel products under Chapter XI of Sales Tax Special Procedure Rules, 2007 to registered persons on export from Pakistan of mild steel re-rolled products manufactured from ingots and billets other than imported or of Pakistan Steel Mills or people steel mills from Rs5,960 per ton to Rs6,306 a ton with effect from March 31 this year.

Following is the text of the notifications issued here on Friday:  SRO333(1)/2012. In exercise of the powers conferred by section 61 of the Sales Tax Act, 1990, the Federal Board of Revenue is pleased to direct that the following amendment shall be made in its Notification No.SRO.308(1)/2008, dated the 24th March,2008, namely:-

In the aforesaid Notification, in the table, in column (4) for the figure "5960", the figure "6306" shall be substituted.

This Notification shall taken effect from the 31st day of March, 2012.

SRO.332 (1)/2012.In exercise of the powers conferred by sub-section (1) of section 71 of the Sales lax Act, 1990, read with clauses (9) and (46) of section 2, sections 3 and 4, subsection (2) of section 6, sub-sections (3) and (4) of section 7, section 7A, clause (b) of sub-section (1) of section 8, clause (a) of sub-section (2) of section 13, sub-sections (2A) and (3) of section 22, proviso to sub-section (1), and sub-sections (3) and (4) of section 23 and section 60 thereof,  the Federal Government is pleased to direct that the following further amendment shall he made in the Sales Tax Special Procedure Rules. 2007, namely:

In the aforesaid Rules, in rule 581, in sub-rule (2), for the words "five thousand nine hundred and sixty", the words "six thousand three hundred and six" shall be substituted, it added.