HomeNewsIn an effort to appease the IMF, GST 25% added more items...

In an effort to appease the IMF, GST 25% added more items to the list

ISLAMABAD: In an attempt to satisfy the IMF to move towards signing the Staff Level Agreement, the government on Friday sent through a summary circulation to the Federal Cabinet for approval to raise an additional Rs 11 billion from GST. Additional items should be added to the list to increase the rate from 18 to 25 percent.

The government added more items to the list of increased GST rates of 25 per cent, including boats or ships for pleasure and private use and aircraft, jewelery and watches.The items now included in the list on which the enhanced rate of GST will be levied are locally manufactured motor vehicles proposed to be treated as luxury goods only SUVs or Vehicles in the category of CUVs, other vehicles with engine capacity of 1400cc or above and double cabins are proposed to be taxed at a higher rate of 25%.It is proposed that the federal government may increase the sales tax rate on luxury goods from 18 percent to 25 percent, through this tax measure Rs 7 billion on imported luxury goods and Rs 4 billion on locally manufactured luxury vehicles. The import items selected for the increased sales tax rate of 25 per cent are those which the Cabinet has designated as ‘luxury goods’ and whose import is banned in May 2022. was given

These items include (soda) water and juices, Auto Complete Built Units (CBU), sanitary and bathroom accessories, carpets, chandeliers and lighting fixtures or fittings, chocolates, cigarettes, confectionery items, corn flakes etc., cosmetics and Includes shaving items, tissue papers, crockery, decorations/decorative accessories, dog and cat food, door and window frames, fish, shoes, fruits and dry fruits, furniture etc.

In view of the urgency, it is also suggested that the Prime Minister may ignore the requirement to place the summary before the Cabinet Committee for Disposal of Legislative Cases (CCLC) and allow the summary to be tabled in the Federal Cabinet by circulation. can give


Most Popular

Recent Comments