FBR Increases Value of Steel for Enhanced GST Collection
According to news sources, the Federal Board of Revenue (FBR) in Islamabad has declared an increase in the minimum prices of steel products via modifications to SRO-985 issued on August 4 for better General Sales Tax (GST) collection.
According to insiders, the decision to hike prices was prompted by the increase in steel product costs in foreign and domestic markets. The following are the specifics of the new pricing structure:
- PKR 153,000 per kilogram of steel bars
- PKR 131,000 per kilogram of billets.
- 126,000 PKR per kilogram of ship plates and bala/ingots
- PKR 119,000 per kilogram of waste.
In addition, FBR stated that minimum pricing would be set on a quarterly basis. As worldwide prices rose, the steel industry asked for a long time that the minimum prices for steel products be revised.
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