ISLAMABAD: The Federal Board of Revenue (FBR) has announced a notable increase in the minimum value of supply for five locally produced steel goods.
This will lead to a higher incidence of sales tax on these products. Under the new regulation, the minimum value of steel bars and other long profiles has been raised to Rs.225,000 per metric ton from Rs.164,037 per metric ton.
Similarly, the minimum value of steel billets has been increased to Rs.195,000 per metric ton from Rs.133,813 per metric ton, while the minimum value of domestically made steel ingots/bala has been raised to Rs.180,000 from Rs.126,000.
Additionally, the minimum value of ship plates has been increased from Rs.129,584 per metric ton to Rs.172,000 per metric ton, and the minimum value of other re-rollable iron and steel scrap has been raised to Rs.160,880 from Rs.125,688 PMT.
