The Federal Board of Revenue (FBR) has fixed new values of locally-produced steel bars, ingots, ship plates and other re-rollable iron and steel scrap for assessment of sales tax from July 1, 2019. According to SRO 697(l)/2019 issued by the FBR here on Saturday, the FBR has fixed the following values of locally-produced goods specified for the purpose of payment of sales tax on ad valorem basis: Steel bars value Rs 83,000 per metric ton; steel billets value Rs 74,000 per metric ton; steel Ingots/bala value Rs 72,000 per metric ton; ship plates value Rs 72,000 per metric ton and other re-rollable iron & steel scrap would have value of Rs 47,000 per metric tons.

In case the value of supply of the goods specified in this notification is higher than the values fixed herein, the value of goods will be the value at which the supply is made. This notification will take effect on and from July 1, 2019, FBR added.

Copyright Business Recorder, 2019