Updated on
Summary
The National Finance Commission (NFC) meeting decided to transfer authority of using General Sales Tax (GST) to the provinces as the Punjab agreed to leave revenue division formula based on population proportion. Issues including GST, services and Gas Development Surcharge (GDS) came under discussion on the first day of the 7th NFC Award meeting held under the chairmanship of Federal Minister for Finance Shaukat Tareen in Quetta on Monday.Talking to media after the meeting, Punjab Finance Minister Tanvir Ashraf Kaira said the decision was made in agreement with the provinces and the federation that the provinces would receive revenues generated from GST from now on, however, the federation would continue collecting the tax and distribute among the provinces after deducting collection charges unless the provinces were ready to collect the tax. He said that Balochistans formula on GDS had also been accepted that would not only ensure provision of Balochistan additional Rs 3 billion but the other provinces would also secure more revenue.
