ISLAMABAD – The Federal Board of Revenue (FBR) on Tuesday notified fixed GST (general sales tax) of Rs 164,037 per metric tonne on steel bars and other long profiles. The FBR has increased the minimum prices of steel products through amendments in SRO-985 issued in November 2021 after increased prices of steel products in domestic and international markets. The FBR has issued a notification yesterday to revise the GST on steel products. As per its notification, the FBR has imposed GST of Rs133,8137/metric tonne on steel billets, Rs126,000/metric ton on steel ingots/bala, Rs129,584/metric tonne on ship plates, and Rs125,688/metric tonne on other re-rollable iron, and steel scrap. FBR notifies fixed GST of Rs164,037 per metric tonne on steel bars and other long profilesOfficials informed that an upward revision was essential in the wake of the recent surge in local and international prices of steel products and to prevent a possible loss of revenue.

Source: The Nation April 06, 2022 08:39 UTC