ISLAMABAD: The government has announced to include sugar in the third schedule of the Sales Tax Act in the budget.
In the budget for the new financial year, it has been announced to include sugar in the third schedule of the Sales Tax Act. Finance Minister Shaukat Tareen has said that if sugar is in the third schedule, the sugar mills will have to pay the full sales tax.
He said that with China being in the third schedule, the possibility of artificial fluctuations in prices would be eliminated.
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In the budget, tax exemption has been given on auto disabled syringe, oxygen cylinder, tax exemption has been announced on the import of paper used in Holy Quran.
Finance Minister announces withdrawal of additional federal excise duty on edible oil and ghee, IT and IT services have been given zero rating status.