CNG valuation up by 84% for sales tax collection

CNG valuation up by 84% for sales tax collection

ISLAMABAD: The Federal Board of Revenue (FBR) on Monday announced a sharp increase in the valuation of CNG by 84 per cent for the collection of sales tax.

The FBR has a fixed valuation of CNG for two different regions to collect the sales tax.

The Region – I has included areas of Khyber Pakhtunkhwa, Balochistan, and Potohar Region (Rawalpindi, Islamabad, and Gujar Khan). Similarly, Region – II has included areas of Sindh and Punjab excluding the Potohar Region.

The FBR issued SRO 1465(I)/2021 dated November 15, 2021 to implement the new valuation on the supply of CNG. The FBR introduced the fixation of valuation of CNG rates for the collection of sales tax through SRO 690(I)/2019 on June 29, 2019.

The CNG valuation has been increased by 82 per cent to Rs134.57 per kg from Rs74.04 per kg for Region – I.

The valuation of CNG has been enhanced by 84.45 per cent to Rs128.11 per kg from Rs69.57 per kg for Region – II.

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