Friday, March 24, 2023

No taxes to be collected on consumer goods in the mini-budget

Muzzammil Aslam, a spokesman for the Ministry of Finance, said on Tuesday that the government would not impose any taxes on commodities that are often used by the general public in the upcoming mini-budget.

Aslam stated that growing prices on the international market have led to the increase of the current account deficit, while the COVID-19 has raised the debt load on several countries.

According to him, “inflation is rising throughout the world, but we are attempting to keep it under control.” He also stated that the government has brought down the prices of food and beverages in the country over the previous six months, but that the prices of imported items have climbed.

The spokesperson stated that no burden has been placed on the common man as a result of the mini-budget, that no new taxes have been imposed, and that no tax will be paid on anything that is used by the common man in his daily activities.

As reported by a news source, the government intends to remove GST exemptions and replace them with a standard rate of 17 percent on the import of items such as mobile phones, computers, silver/gold, different types of jewelry, and scrap metal as well as LPG and many other items.

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It is possible that sales tax will be levied on the import of live animals and live poultry, as well as meat from bovine animals, sheep, and goats; fish and crustaceans, as well as eggs, including eggs for hatching; live plants, such as bulbs, roots, and other similar structures, as well as edible vegetables, such as roots and tubers, pulses, and edible fruits.

Additionally, it could be imposed on Cinchona bark and sugar cane, ginger, excluding those sold in retail packaging bearing brand names and trademarks; red chilies, excluding those sold in retail packaging bearing brand names and trademarks; turmeric, excluding those sold in retail packaging bearing brand names and trademarks; cereals and products of the milling industry; seeds, fruit, and spores of the type used for sowing.

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