Sales tax on steel products notified

Published August 5, 2021
The value of steel bars and other long profile is fixed at Rs140,000 per tonne. — Reuters/File
The value of steel bars and other long profile is fixed at Rs140,000 per tonne. — Reuters/File

ISLAMABAD: The Fede­ral Board of Revenue (FBR) on Wednesday notified the fixed value of steel products for assessment of sales tax through SRO 985.

The sales tax will be applicable on the ad valorem basis at the rate as applicable. The value of steel bars and other long profile is fixed at Rs140,000 per tonne, steel billets at Rs125,000 per tonne, steel ingots/bala, ship plats at Rs120, 000 per tonne and other re-rollable iron and steel scrap at Rs118,000 per tonne.

It was further clarified that the value of goods will be the value at which the supply is made in case the value of supply of the goods is higher than the value fixed.

Through a Sales Tax General Order No7, the FBR has issued details for licensing of brand name under section 40E of sales tax for specific sectors.

As a result, all existing and new manufacturers of specific sectors are required to register their brand of each product with the FBR before selling in the market. Every manufacturer will have to submit an application to the project director of the track and trace system along with supportive documents. The application will include all details and operations regarding their businesses/activities.

After the submission of the application by manufacturer, project office track and trace system will review the application and schedule a mandatory hearing with the manufacturer within seven working days of the receipt of the application.

Published in Dawn, August 5th, 2021

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Military option
Updated 21 Nov, 2024

Military option

While restoring peace is essential, addressing Balochistan’s socioeconomic deprivation is equally important.
HIV/AIDS disaster
21 Nov, 2024

HIV/AIDS disaster

A TORTUROUS sense of déjà vu is attached to the latest health fiasco at Multan’s Nishtar Hospital. The largest...
Dubious pardon
21 Nov, 2024

Dubious pardon

IT is disturbing how a crime as grave as custodial death has culminated in an out-of-court ‘settlement’. The...
Islamabad protest
Updated 20 Nov, 2024

Islamabad protest

As Nov 24 draws nearer, both the PTI and the Islamabad administration must remain wary and keep within the limits of reason and the law.
PIA uncertainty
20 Nov, 2024

PIA uncertainty

THE failed attempt to privatise the national flag carrier late last month has led to a fierce debate around the...
T20 disappointment
20 Nov, 2024

T20 disappointment

AFTER experiencing the historic high of the One-day International series triumph against Australia, Pakistan came...