SED abolished, but wait until July for relief

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GMT - 3 Hours SED abolished, but wait until July for relief

Post by εﺓз• » ιη∂αġι яσ¢χ « • on Wed Sep 14, 2011 4:48 pm

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ISLAMABAD: Sales tax levied on all those items by people’s government has come into force from June 4, while the abolishment of the special excise duty (SED) will be effective July 1 i.e. await for the relief until 1st of July, while pay the tax from June 4.

Finance Minister, Abdul Hafeez Sheikh in his budget speech and post budget press conference had declared the abolishment of duty on 392 items, while the Federal Board of Revenue (FBR) officials also have joined the chorus regarding the abolishment of this duty, while the reply to such questions being evaded--- how many items have been put into the sales tax net, how many items have been exempted from sales tax and on how many items sales tax levied at 5 percent instead of 16 percent. The items on which sales tax at 5 percent has been levied included cloths, sports goods, leather products, carpets and surgical equipments.

Member senate standing committee for finance, Haroon Akhtar told Geo News that sales tax at 16 percent on packed products as an alternative to RGST has been imposed, which doesn’t include poultry, while milk, spices, pulses, meat and other packed products are included.

He said that following this budget, the sale tax net has widened up to 400 items including CNG buses, truck, dumper, CNG cylinder and accessories, surgical tape, ultrasound gel, diapers, ambulance, computer softwares, brick, cement, block and concrete block, aircraft and accessories, equipments for surveillance of seaports, tractor and agriculture machinery.
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