The Federal Board of Revenue (FBR) has mandated electronic steel sector monitoring to track the production of steel items. It will also keep a real-time eye on the import and supply chain of steel products.
Today, it issued S.R.O. 541 (i)/2022 to amend the Sales Tax Rules, 2006, to combat sales tax evasion in the steel industry.
Steel products brought from non-tariff areas as defined in the Federal Excise Act of 2005 will be treated as imported goods, according to the amended rules.
According to sources, the steel sector is now required to install a track and trace system at the manufacturing premises after being added to the list of electronic monitoring.
Under the revised rules, the procedure applies to the electronic monitoring, tracking, and tracing of the steel sector’s production, import, and supply chain, tobacco products, beverages, sugar, fertilizer, cement, and petroleum products; provided that any or all of these goods are monitored, tracked, and traced in the manner specified in this procedure and any other instructions, processes, and orders issued by the board; and provided that the selected goods, if brought, are monitored, tracked, and traced in the manner specified in this procedure and