The Federal Board of Revenue (FBR) has fixed Rs. 1,200 per kg as the minimum retail price of imported and local supply of tea for the purpose of payment of sales tax.
In this regard, the FBR has issued an S.R.O. 1735(1)/2024 here on Friday.
Under the new notification, the Minimum Retail Price (excluding Sales Tax) of tea has been fixed at Rs.1,200 per kg.
According to the notification, in exercise of the powers conferred by the first proviso to clause (46) of section 2 of the Sales Tax Act, 1990, the FBR has fixed the minimum retail price of imported and local supply of tea falling under respective headings of 09.02 of the First Schedule to the Customs Act, 1969 (IV of 1969) specified in column (3) thereof, for the purpose of payment of sales tax, at the rate as applicable to and specified, FBR added.
In case the value at which import or supply of the above product, is higher than the value fixed herein, the sales tax shall be charged on such higher value.
Get the latest business news, market insights, and economic updates wherever you prefer.
Add ProPakistani to Preferred Sources and see more of our stories in Google Search and Top Stories.