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Cement industry asked to pay 17pc ST on retail price basis

Cement industry asked to pay 17pc ST on retail price basis

ISLAMABAD: In pursuance of Finance Act 2013, the FBR directed the Chief Commissioners of Large Taxpayer Units (LTUs) and Regional Tax Offices (RTOs) to collect sales tax from cement industry at the rate of 17 percent on retail price basis with effect from June 13, 2013.

The board has also conveyed to cement manufacturers to pay sales tax at the rate of 17 percent.

According to the instructions issued to LTUs and RTOs, with effect from June 13, 2013, cement is chargeable to sales tax at the rate of 17 percent on retail price basis. The board declared that under Finance Act 2013, the rate of sales tax has been increased from 16 to 17 percent and cement has been included in the Third Schedule of the Sales Tax Act 1990.

The FBR asked the Chief Commissioners of LTUs and RTOs to ensure compliance with the law.