FBR Announces Major Increase in Steel Valuation
The Federal Board of Revenue (FBR) has declared that the minimum value of supply for five steel goods produced locally will be increased, resulting in a higher sales tax on these items.
To adjust the minimum value of supply for sales tax purposes on an ad valorem basis, the FBR has issued SRO.501(I)/2022 to replace SRO 489(I)/2022.
Steel bars and long profiles will now have a minimum value of Rs. 225,000 per metric ton (PMT), up from the previous value of Rs. 164,037 per metric ton, per the new notification.
The minimum value for steel billets has been set at Rs. 195,000 per metric ton, up from Rs. 133,813 per metric ton.
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The minimum value of supply for locally-produced steel Ingots/bala has increased from Rs. 126,000 to Rs. 180,000, while the minimum value for ship plates has risen to Rs. 172,000 per metric ton, up from Rs. 129,584 per metric ton.
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The minimum value of other re-rollable iron and steel scrap has also increased to Rs. 160,880 from Rs. 125,688 PMT.
The FBR has noted that if the value of supply exceeds the specified value, sales tax will be charged based on the higher value.
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