The Federal Board of Revenue has fixed the value of locally produced steel and scrap goods pertaining to the payment of sales tax.
As per the SRO 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.
The document stated that 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.
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 document added.