The revenue body fixed the values of steel products for the purpose of payment of sales tax on ad valorem basis at the rate as applicable to and specified in sub-section 1 of Section 3 of the Sales Tax Act, 1990.
Following are the values fixed by the FBR:
Steel bars and other long profiles: Rs140,000 per metric ton
Steel billets: 125,000 per metric ton
Steel ingots/bala: Rs120,000 per metric ton
Ship plates: Rs120,000 per metric ton
Other re-rollable iron and steel scrap: 118,000 per metric ton
The FBR said that in case the value of supply of goods is higher than the values fixed, the value of goods shall be the value at which the supply is made.