ISLAMABAD: In the wake of increased prices of steel products in the domestic and international markets, Federal Board of Revenue (FBR) has increased the minimum prices of steel products vide SRO 985 dated 4th Aug, 2021. Last time the prices of steel products were fixed by FBR vide SRO 992 dated 4th Sep, 2019. FBR is empowered to fix minimum prices of steel products under proviso to clause (46) of section 2 of the Sales Tax Act, 1990.
The new prices of Bars has been fixed at Rs140,000/-; Billets at Rs125,000/-, Ingots/Bala & Ship-plates at Rs120,000/- and Scrap at Rs118,000/- per metric ton.
FBR has further clarified that the said upward revision was essential in the wake of recent surge in local and international prices of steel products and to prevent possible loss of revenue. FBR has further indicated that, in future, minimum prices would be fixed on quarterly basis.—PR
Copyright Business Recorder, 2021