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

Afghan turbulence
Updated 19 Mar, 2024

Afghan turbulence

RELATIONS between the newly formed government and Afghanistan’s de facto Taliban rulers have begun on an...
In disarray
19 Mar, 2024

In disarray

IT is clear that there is some bad blood within the PTI’s ranks. Ever since the PTI lost a key battle over ...
Festering wound
19 Mar, 2024

Festering wound

PROTESTS unfolded once more in Gwadar, this time against the alleged enforced disappearances of two young men, who...
Defining extremism
Updated 18 Mar, 2024

Defining extremism

Redefining extremism may well be the first step to clamping down on advocacy for Palestine.
Climate in focus
18 Mar, 2024

Climate in focus

IN a welcome order by the Supreme Court, the new government has been tasked with providing a report on actions taken...
Growing rabies concern
18 Mar, 2024

Growing rabies concern

DOG-BITE is an old problem in Pakistan. Amid a surfeit of public health challenges, rabies now seems poised to ...