ISLAMABAD, July 1: The Central Board of Revenue (CBR) has fixed the deemed price of Urea at Rs7,900 per ton for the levy of sales tax.
Through a sales tax notification issued on Thursday the government also increased the deemed price value of urea from the pre-budget value of Rs6,660 per ton of urea available under SRO205 of 2001 to Rs7,900 per ton.
However, through the finance bill 2004-05, the government had withdrawn the condition of deemed price of urea and allowed levy of sales tax on supplies of urea on the basis of actual value of supply.
According to the notification, the deemed price for the urea was fixed again following the fluctuations and speculations observed in the prices of urea in the market, which might result into decrease in the revenue collection from the commodity.
