10-23-2009, 05:18 AM
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by Farhan2009</i>
<br />Dear All,
can anybody tell me the sales tax rate on scrap sale with reference. i heared somebody about 21% but he doesnt know the exact reference of the SRO/circular, can anybody help????
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote">Steel scrap is the core raw material of steel melting industry. 50 per cent scrap is collected through small scrap dealers and 50 per cent is imported. Majority of local scrap dealers are not registered. In the budget 2008ñ09 it is proposed, that 3.5 per cent WHT be deducted from the scrap suppliers. The scrap suppliers are not in the tax net, hence steel-melting industry is liable to pay tax instead of scrap suppliers.
Therefore, it is proposed that this 3.5 per cent WHT be abolished from the steel industry besides 10 per cent WHT on electricity consumption in melting industry may also be removed. The steel sector is liable to pay sales tax at the rate of Rs6 per unit of electricity which also be rationalised in the current economic situation. Steel prices are falling all over the world therefore, 25 per cent duty on export of steel bars, ingots and billets shall be withdrawn which was imposed in order to keep the steel prices in the country at reasonable levels.<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
<br />Dear All,
can anybody tell me the sales tax rate on scrap sale with reference. i heared somebody about 21% but he doesnt know the exact reference of the SRO/circular, can anybody help????
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote">Steel scrap is the core raw material of steel melting industry. 50 per cent scrap is collected through small scrap dealers and 50 per cent is imported. Majority of local scrap dealers are not registered. In the budget 2008ñ09 it is proposed, that 3.5 per cent WHT be deducted from the scrap suppliers. The scrap suppliers are not in the tax net, hence steel-melting industry is liable to pay tax instead of scrap suppliers.
Therefore, it is proposed that this 3.5 per cent WHT be abolished from the steel industry besides 10 per cent WHT on electricity consumption in melting industry may also be removed. The steel sector is liable to pay sales tax at the rate of Rs6 per unit of electricity which also be rationalised in the current economic situation. Steel prices are falling all over the world therefore, 25 per cent duty on export of steel bars, ingots and billets shall be withdrawn which was imposed in order to keep the steel prices in the country at reasonable levels.<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
