PSM billet value fixed

ISLAMABAD, July 1: The Central Board of Revenue (CBR) has fixed value of Pakistan Steel billet at Rs22,000 per ton for the purpose of assessment of sales tax.The decision was announced through a sales tax notification SRO 680 issued here on Saturday, which would be effective from July 1, 2006.

The special concession would only be allowed to the billets produced by Pakistan Steel Mills (PSM), Karachi, irrespective of the actual value of supply and PSM should be entitled to input tax adjustment.

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