Tag: General Sales Tax
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FBR imposes 18% GST on packaged food items to boost revenue
The Federal Board of Revenue (FBR) has announced the imposition of an 18 percent General Sales Tax (GST) on packaged food items.
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Govt to maintain 18% GST rate in upcoming budget 2023-24
In the forthcoming budget for 2023-24, it is anticipated that the government will maintain the current standard rate of General Sales Tax (GST) at 18 per cent. Additionally, efforts are being made by the government to increase the rates of withholding taxes, where applicable, with the aim of augmenting tax revenues.
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Short-term inflation skyrockets to record 45.64% in Pakistan: What’s causing the surge?
The Pakistan Bureau of Statistics (PBS) has released data revealing that short-term inflation based on the Sensitive Price Index (SPI) rose to a record 45.64 per cent for the combined income group on a year-on-year basis for the week ending March 16. This increase was driven by the consistent rise in the prices of essential…
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Rupee devaluation, GST hike forces Honda to increase car prices up to Rs1 million
Honda Atlas Cars Limited (HACL) has announced its fourth price hike in less than 90 days, citing the government’s implementation of a 25 per cent general sales tax (GST) on luxury items. This time, the automaker has raised car prices up to Rs1 million. According to a recent notification, HACL has attributed the most recent…
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Toyota IMC increases car prices by up to Rs2 million due to GST hike
Indus Motor Company (IMC) has increased the prices of all Toyota vehicles in Pakistan due to the recent hike in the General Sales Tax (GST) from 18 per cent to 25 per cent by the Federal Government. The models affected by the price hike include Toyota Yaris, Toyota Corolla Altis X, Toyota Hilux Revo (IMV…
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From soap to air tickets: What’s getting costlier after mini-budget?
The Federal Board of Revenue (FBR) has issued an SRO to increase the standard 17 per cent general sales tax (GST) to 18 per cent, which will collect taxes worth Rs115 billion. The remaining Rs55 billion will be generated through other measures mentioned in the Finance (Supplementary) Bill 2023.
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Petrol price likely to rise by Rs20 per litre in upcoming review
Oil industry sources report that there may be a Rs20 per litre increase in petrol prices at the upcoming review on February 15, 2023. The increase is based on calculations of the international price of petrol, specifically on a free on board (FOB) basis. During the previous fortnightly review of fuel prices, the government implemented…