ISLAMABAD, July 29: The Central Board of Revenue (CBR) has issued instructions for the calculation of sales tax on various steel products.
The instructions were issued here on Saturday through a sales tax general order No. 03.
According to the general order, under the SRO 678 of 2006 issued on June 30, 2006, fixed value addition of Rs3,600 and Rs2,470 per ton had been prescribed for steel melters and Rs1,800 per ton for the steel re-rollers.
The net sales tax payable on account of the aforesaid value addition comes to Rs540 and Rs370 per ton for the steel melters and Rs270 per ton for the re-rollers.The CBR has taken this decision following complaints from various industries and asked the steel re-rollers to issue sales tax invoices reflecting sales tax of Rs270 per ton and Rs3,300 per ton to the buyers entitling the downstream industry to obtain adjustment of sales tax paid on billets.
