Business, Taxation
GST on POL products revised
July 1, 2017 - Business, Taxation
The Federal Board of Revenue (FBR) has increased sales tax on motor spirit from 19.5 percent to 20.5 percent, reflecting an increase of one percent from July 1, 2017. According to the SRO 581(I)/2017 issued here on Friday, the FBR has revised sales tax rates on certain petroleum products from July 1, 2017.
Sales tax on high speed diesel oil has been reduced from 34.5 percent to 33.5 percent during July. Sales tax on kerosene would remain zero percent during July 2017. As per the SRO, sales tax rate on light diesel oil has been increased from zero percent to 1.5 percent.
Following is the text of the SRO issued here on Friday. In exercise of the powers conferred by clause (b) of subsection (2) and sub-section (6) of section 3 of the Sales Tax Act, 1990, the federal government is pleased to direct that the following further amendment shall be made from the July 1, 2017, in its Notification No SRO 57(1)/2016, dated January 29, 2016, namely: In the aforesaid notification, for the existing table, the following shall be substituted, namely:
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S. No. Description PCT heading Rate
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(1) (2) (3) (4)
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1 Motor spirit excluding HOBC 2710.1210 20.5% ad valorem
2 High speed diesel oil 2710.1931 33.5% ad valorem
3 Kerosene 2710.1911 0% ad valorem
4 Light diesel oil 2710.1921 1.5% ad valorem
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