Govt recommended to cut 5% GST on petroleum products' prices
Government reduced prices by 12% compared to international market's 50%, says Nasreen Jaleel
ISLAMABAD (Dunya News) – The standing committee for Revenue of the Senate on Friday has recommended the government to remove five percent General Sales Tax (GST) on all the petroleum products, as the government needs to lessen its expenses rather to put burden on the people of the country.
The committee also recommended the government to give the authority of imposing tax on the agricultural income to the federal government.
Federal Board of Revenue (FBR) chairman Tariq Bajwa said that the reduction in petroleum products’ prices has caused FBR at least Rs 70 billion losses. The addition of five percent sales tax on the petroleum products’ prices would give the government only Rs 18 billion.
The committee’s chairperson Nasreen Jaleel said that the petroleum products’ prices in international market decreased at least 50 percent whereas the Pakistan government just reduced it by 12 percent. The committee members said that tax has been increased but no reduction in the transport fares and the Pakistan International Airlines (PIA) tickets’ prices have not been reduced.
Haji Adeel said that Prime Minister (PM) and ministers go to foreign visits and stay in hotels which cost more money that United States of America (USA) president Obama’s foreign visits. Senator Usman Saifullah Khan put forth a recommendation to take support of the law and the court in this regard which was agreed upon by all the committee members.
