ISLAMABAD: The Federal Board of Revenue (FBR) has considerably increased the values of locally-produced steel, shipping plates and scrap products for enhanced sales tax collection during 2021-22.

The FBR has amended SRO985(I)2021, Tuesday through issuance of SRO1465(I)/2021.

According to the SRO issued by the FBR, in exercise of the powers conferred by the second proviso to clause (46) of Section 2 of the Sales Tax Act, 1990, the FBR has fixed the values in respect of locally-produced goods for the purpose of payment of sales tax on ad valorem basis.

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Under the notification, the FBR has increased sales tax value from Rs140,000 per metric ton to Rs153,000 per metric ton of steel bars and other long profiles; from Rs125,000 per metric ton to Rs131,000 per metric ton of steel billets; from Rs120,000 per metric ton to Rs126,000 per metric ton on steel ingots/Bala; from Rs120,000 per metric ton to Rs126,000 per metric ton on the ship plates and value has been increased from Rs118,000 per metric ton to 119,000 per metric ton on other re-rollable iron and steel scrap for the purpose of sales tax payment.

In case the value of supply of the goods specified in SRO985(I)2021 is higher than the values fixed herein, the value of goods shall be the value at which the supply is made, the notification added.

Copyright Business Recorder, 2021