September 20, 2007	Thursday	Ramazan 07, 1428

ISLAMABAD, Sept 19: The Federal Board of Revenue (FBR) has amended the sales tax special procedure rules for collection of general sales tax from steel sector.

The amendments were notified through a sales tax notification SRO 952 of 2007 issued here on Wednesday.

According to the amendments in the aforesaid rules, in rule 58H, in sub-rule (2), for the full stop, at the end, a colon shall be substituted and thereafter the following proviso shall be added, namely: Provided that in case the due amount of sales tax mentioned in sub-rule (1) is not mentioned in the electricity bill issued to any steel melter or re-roller or composite unit of melting and re-rolling, the said melter or re-roller or composite unit shall deposit the due amount of tax for the relevant tax period at the rate of Rs4.75 per unit of electricity consumed, excluding the amount of sales tax already paid on the electricity bill related to the said tax period through his monthly sales tax return.

In rule (58 I), a) in sub-rule (3), after the word “Mills”, the words “or People’s Steel Mills” shall be inserted; and b) for sub-rule (6), the following shall be substituted, namely: Persons supplying imported MS products to downstream industry (i.e. the industry using steel products as raw material for value- addition purposes) shall issue invoices showing sales tax of Rs5,460 per metric ton.

For supplies of imported MS products made to buyers other than downstream industry, sales tax amount of Rs617 per metric ton shall be shown in the invoices.