List of items that will get expensive after mini-budget
ISLAMABAD: The current government has announced a “mini-budget” to raise Rs170 billion in income, in accordance with the International Monetary Fund’s (IMF) demands to impose higher taxes on the inflation-stricken people.
For the purpose of collecting taxes totaling Rs115 billion, the Federal Board of Revenue (FBR) has issued an SRO increasing the ordinary 17% general sales tax (GST) to18%. The remaining Rs55 billion will be raised by additional measures in line with the Finance (Supplementary) Bill 2023.
The top tax collecting agency stated in the notification that a variety of things needed in daily life, including consumer packaged goods, will be subject to the 18% GST.
In addition to these actions, the government will raise the GST rate on luxuries from 17% to 25%. Federal Excise Tax (FED) would rise to Rs 20,000 or50%, whichever is higher, on business and first-class airline tickets.
Furthermore, the withholding adjustable advance income tax rate for marriage halls will be 10%. The FED will also be shifted up in regard to cement and soft, sugary drinks.
Here is the List of items that will get expensive after mini-budget
- Edible oil
- Children’s toys
- Hair colour
- Hair remover cream
- Hair gel
- Shaving foam
- Shaving gel
- Shaving cream
- Shaving blades
- Electronic gadgets
- Other electronic machinery
- Car shampoos
- Car polishes
- Branded perfumes