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Tax Duties Federal Budget

Beginning of the next fiscal year today (Monday) brings implementation of new taxes and duties agreed upon in the Federal Budget, ARY News reported.

Hike in gas prices set to get underway from today whereas, excise duty was also increased in the cement sector.

Read More: Utility Stores enhance prices of several general use items

A sack of cement is expected to go up by Rs 35, the price of the cement will be gauged by gas prices in the country.

Sales tax on sugar has been bumped up 17% from the previous 8 %.

Gas price hike is also expected to impact the fertilizer industry, where artificial fertilizers are expected to go up by Rs 210 bringing the new price of a sack to Rs 2040.

Earlier on June 30, the federal government had decided not to increase the petroleum prices for the month of July.

Read More: Prime Minister Imran Khan takes stern notice of extraordinary price hikes

The current prices of the petroleum will remain in effect for the month of July, said a notification by the petroleum ministry.

Earlier, the Oil and Gas Regulatory Authority (OGRA) had recommended an increase of Rs 2.30 per litre in diesel prices and  Rs 0.26 per litre in light diesel oil.

The post Taxes and duties approved in Federal Budget to be implemented from today appeared first on ARYNEWS.



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