Fixation of value of steel in respect of locally produced goods
SRO 985(I)/2021 is a Sales Tax SRO dated 4 August 2021, listed by FBR as "Fixation of value of steel in respect of locally produced goods".
FBR publishes this SRO as scanned images, so the text below was transcribed by Qanoon Digest from the page images, with tables set out as tables. Check the official PDF before relying on any wording or figure.
Page 1
GOVERNMENT OF PAKISTAN
REVENUE DIVISION
FEDERAL BOARD OF REVENUE
Islamabad, the 4th August, 2021.
NOTIFICATION
(SALES TAX)
S.R.O. 985(I)/2021.- In exercise of the powers conferred by second proviso to clause (46) of section 2 of the Sales Tax Act, 1990, the Federal Board of Revenue is pleased to fix the values as specified in column (3) of the Table below in respect of locally produced goods in column (2) of the Table, 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 said Act, namely:-
TABLE
| Sr. No. | Goods | Value |
|---|---|---|
| (1) | (2) | (3) |
| 1. | Steel bars and other long profiles | Rs. 140,000 per metric ton |
| 2. | Steel billets | Rs. 125,000 per metric ton |
| 3. | Steel ingots/bala | Rs. 120, 000 per metric ton |
| 4. | Ship plates | Rs. 120,000 per metric ton |
| 5. | Other re-rollable iron and steel scrap | Rs. 118,000 per metric ton |
- In case the value of supply of the goods specified in this Notification is higher than the values fixed herein, the value of goods shall be the value at which the supply is made.
[C. No. 1/102-STB/2015 (Pt-I)]
(Fakhryia Anjum)
Secretary (ST&FE-Budget)
Which later SROs refer to this one?
SROs whose FBR title names SRO 985(I)/2021, usually to amend or rescind it.
- SRO 1465(I)/202115 November 2021Amendment in Notification No. S.R.O 985(I)/2021 dated 04th August, 2021
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- SRO 937(I)/202126 July 2021Change in rate of Sales Tax on Petroleum Products
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