FBR raises steel products valuation for sales tax collection

FBR raises steel products valuation for sales tax collection

FBR raises steel products valuation for sales tax collection
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KARACHI: The Federal Board of Revenue (FBR) on Monday increased the valuation of steel products for the collection of sales tax.

The FBR increased the values up to 9.28 per cent on various products of steel.

To implement the revised valuation, the revenue body issued SRO 1465 (I)/2021. The FBR has revised the values of steel products after three months.

Previously, the revenue board issued SRO 985 (I)/2021 dated August 4, 2021 to introduce the valuation for collecting sales tax at 17 per cent on the supply of steel products.

The FBR has increased the valuation to Rs153,000/tonne from Rs140,000/tonne for the collection of sales tax on the supply of steel bars and other long profiles.

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The value has been increased to Rs131,000/tonne from Rs125,000/tonne on the supply of steel billets.

Similarly, the value of steel ingots has been increased to Rs126,000/tonne from Rs120,000/tonne for the collection of sales tax.

The value of ship plates has also been increased to Rs126,000/tonne from Rs120,000/tonne for the collection of sales tax. The value of other re-rollable iron and steel scrap has been increased to Rs119,000/tonne from Rs118,000/tonne for the purpose.

The FBR also said that in case the notified value of supply of the goods is higher than the value fixed, the value of goods would be the value at which the supply is made.

The sources in the FBR said the valuation has been revised upwards, considering massive decline in the rupee value.

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