ISLAMABAD: The Federal Board of Revenue (FBR) on Wednesday said it has increased minimum prices of steel products for collection of sales tax.
In a statement, the revenue body said that the minimum prices of steel products had been increased in the wake of increased prices of steel products in the domestic and international markets.
The FBR notified the increase the minimum prices of steel products through SRO 985 dated August 4, 2021.
Last time the prices of steel products were fixed by FBR vide SRO 992 dated September 4, 2019.
FBR is empowered to fix minimum prices of steel products under proviso to clause (46) of section 2 of the Sales Tax Act, 1990.
The new prices of Bars has been fixed at Rs. 140,000/-; Billets at Rs. 125,000/-, Ingots/Bala & Ship-plates at Rs. 120,000/- and Scrap at Rs. 118,000/- per metric ton.
The FBR has further clarified that the said upward revision was essential in the wake of recent surge in local & international prices of steel products and to prevent possible loss of revenue.
It has further indicated that, in future, minimum prices would be fixed on quarterly basis.