ISLAMABAD: The Federal Board of Revenue (FBR) has fixed minimum value of steel products for assessment of sales tax.

The new values of the steel products were issued through a sales tax notification SRO489 released on Wednesday. The FBR introduced the fixed value for steel products in August 2021, which is now reversed with a minimum value owing to massive increase in prices.

The sales tax will be applicable on ad valorem basis at the rate as applicable. The value of steel bars and other long profiles is fixed at Rs164,037 per tonne, steel billets at Rs133,813 per tonne, steel ingots/bala, at Rs126,000 per tonne, ship plates at Rs129,584 per tonne and other re-rollable iron and steel scrap at Rs125,688 per tonne.

In case, the value at which the supply of these products is made is higher than the value fixed herein, the sales tax will be charged on such higher value.

Published in Dawn, April 7th, 2022