ISLAMABAD: Federal Board of Revenue (FBR) has increased the minimum prices of steel products vide SRO 985 dated August 4th, 2021, in the wake of increased prices of steel products in the domestic and international markets.
Last time the prices of steel products were fixed by FBR vide SRO 992 dated 4th Sep, 2019, said a press release issued by FBR here on Wednesday.
FBR is empowered to fix minimum prices of steel products under proviso to clause (46) of section 2 of the Sales Tax Act, 1990.
The new prices of Bars has been fixed at Rs. 140, 000/-; Billets at Rs. 125, 000/-, Ingots/Bala and Ship-plates at Rs. 120, 000/- and Scrap at Rs. 118, 000/- per metric ton.
FBR has further clarified that the said upward revision was essential in the wake of recent surge in local and international prices of steel products and to prevent possible loss of revenue.
FBR has further indicated that, in future, minimum prices would be fixed on quarterly basis.