GST likely to stay 17 percent in next budget.
A private TV channel while citing to finance ministry sources said certain key decisions were taken in a meeting held under finance minister Ishaq Dar with reference to upcoming budget .
As per these decisions the existing sales tax ratio of 17 percent will stay unchanged and no reduction will be made therein in the budget for the year 2014-15. However a nominal change will be made in different slabs of income tax ratio but this mutation will afford no worth mentioning benefit to the low income salaried class.
Sources said tax exemption provided on dozens of goods will be withdrawn in the light of recommendations of review committee on SROs meant for granting exemption on export industries and other objectives. These goods include cars imported in connection with export industry and office equipment including TV, refrigerators, Photostat machine, computer and printer.
Excise duty on cigarette will be increased at the rate of Rs 1 each filter. Tax and duty is likely to be scaled up by 0.5 percent to 1 percent on locally manufactured electronic products including TV, refrigerators, fans, room coolers, freezers UPS, batteries, cosmetics, shampoo, cream, perfumed soap, perfume and other articles.
Sources said duty on import of spare parts of cars is likely to be decreased to promote local car manufacturing industry. Heavy motor cycles price will go down. Duty is likely to be slashed on locally assembled heavy motor cycle while it is likely to be jacked up on the impost of spare parts of motor cycles ranging between 70 to 100 CC and their prices will escalate in the aftermath of increase in duty.
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|Publication:||The Frontier Star (Northwest Frontier Province, Pakistan)|
|Date:||May 6, 2014|
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