The Bill says that General Sales Tax will be increased from 17 percent to 18 percent while GST on luxury items will enhanced from 17 per cent to 25 per cent.
Islamabad: (UrduPoint/Pakistan Point News-Feb 20th, 2023) The National Assembly on Monday passed the Finance (Supplementary) Bill, 2023,” proposing additional taxes and duties of 170 billion rupees to meet the understanding reached with the International Monetary Fund for the Extended Fund Facility.
According to the bill, General Sales Tax will be increased from 17 percent to 18 percent. It has been decided to enhance the GST on luxury items from 17 percent to 25 percent. For the air travel, it has been proposed that a fixed amount of Federal Excise Duty ranging from 250,000 rupees to 75,000 rupees of different tiers as per the International Air Transport Association on airfare for first, business and club classes should be imposed. Besides, ten percent withholding adjustable advance tax will be levied on the bills of wedding halls in order to promote simplicity and austerity. The Federal Excise Duty will be enhanced on sugary and aerated drinks, while FED will be increased on cement from 1.5 rupees to two rupees per kilogrammes.
Winding up discussion on the Finance (Supplementary) Bill, Finance Minister Ishaq Dar said the government fully realizes people’s problems due to rising inflation, but are compelled to take tough measures to strengthen the economy. He said the government has allocated an additional amount of 40 billion rupees for Benazir Income Support Programme raising 25 percent stipend of BISP beneficiaries.
Regarding austerity measures, Ishaq Dar said Prime Minister Shehbaz Sharif will soon announce a comprehensive policy to reduce government expenditure.
The House rejected all the amendments moved by the opposition.
The National Commission for Minorities Bill, 2023 was laid before the House.
The bill was introduced by Finance Minister Ishaq Dar.
Earlier, the newly elected Member National Assembly Mahmood Baqi Moulvi took the oath of office.
He was elected on PTI ticket on a seat vacated due to death of PTI MNA Dr Amir Liaqaut.
Speaker Raja Pervaiz Ashraf administered the oath.
