FBR issues valuation for steel products

FBR issues valuation for steel products

ISLAMABAD: The Federal Board of Revenue (FBR) on Wednesday issued valuation of locally produced steel products for collection of sales tax.

The FBR fixed the valuation by issuing SRO 985(I)/2021 for locally produced steel products.

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.

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