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 Sales Tax on scrap sale
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Farhan2009
Unregistered Trainee

Pakistan
27 Posts

Posted - Jul 09 2009 :  4:40:23 PM  Show Profile
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????

sharifjanjua
Unregistered Trainee

Pakistan
2 Posts

Posted - Oct 23 2009 :  12:18:21 AM  Show Profile
quote:
Originally posted by Farhan2009

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????



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prices are falling all over the world therefore, 25 per cent duty on export of steel bars, ingots and billets shall be withdrawn which was imposed in order to keep the steel prices in the country at reasonable levels.
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sharifjanjua
Unregistered Trainee

Pakistan
2 Posts

Posted - Oct 23 2009 :  12:19:56 AM  Show Profile
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.
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Riftaj
Junior

Pakistan
75 Posts

Posted - Oct 27 2009 :  2:05:06 PM  Show Profile
i think sale tax rate will be 16 %. i you tell cleary what type of Scrap.
Rifi
quote:
Originally posted by sharifjanjua

quote:
Originally posted by Farhan2009

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????



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.


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jamesparker
Unregistered Trainee

USA
22 Posts

Posted - Nov 02 2009 :  2:44:02 PM  Show Profile  Visit jamesparker's Homepage
Hi

The tax rate of scarp sale is 16%. But tax rate is different for every thing.
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jnsurrd@yahoo.co.in
Unregistered Trainee

India
1 Posts

Posted - Nov 14 2009 :  10:43:50 AM  Show Profile
what is sales tax on machine scrap ?sale within jharkhand & inter state both?
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