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FBR vide SRO 501(I)/2023 has considerably increased the minimum value of supply of six locally-produced steel goods for the purpose of payment of sales tax on ad valorem basis, which would raise the incidence of sales tax on these products.

In case the value at which supply of above products is made is higher than the value fixed herein, the sales tax shall be charged on such higher value.

What are the 7 steps of the accounting cycle?
The seven steps in the accounting cycle are as follows:
Identifying and Analysing Business Transactions.
Posting Transactions in Journals.
Posting from Journal to Ledger.
Recording adjusting entries.
Preparing the adjusted trial balance.
Preparing financial statements.
Post-Closing Trial Balance.

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