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Certain iron & steel items: Input tax adjustment on purchases restricted
ISLAMABAD: The Federal Board of Revenue (FBR) has restricted input tax adjustment on purchase of certain iron and steel items by manufacturers of oil and ghee and steel melters/re-rollers. In this regard, the FBR has issued a Sales Tax General Order #26 of 2026 (Operations) on Thursday. According to the notification, whereas, section 8(1)(a) of the Act restricts the adjustment of input on goods or services used or to be used for any purpose other than for taxable supplies made or to be made. Section 8(1)(f) and (i) of the Act provide that tax credit shall not be admissible on the goods or serv...
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