MULTAN: The Multan Chamber of Commerce and Industry (MCCI) has criticised 2pc increase in general sales tax (GST) on more than 50 items.
MCCI President Khawaja Muhammad Usman said that the step to generate revenue through GST was not a decent act as it would lead to high inflation, reduction in manufacturing activities, unemployment and increase poverty in the country.
Khawaja said this measure would result in stoppage to the industrial activities. He asked the government to review its decision in the larger interests of the country in general and for the sake of economy in particular. He said that the government was being advised by experts who were trying to unpopular the PML-N. The measures being taken by the government like increase in prices of POL products, hike in electricity tariff and uncontrolled upward movement of dollar, which has devalued rupee in historic low and agreement with International Monetary Fund (IMF) would badly affect all segment of the society.
On various occasions the business community has shown serious concern in meeting with Ministry of Finance and Federal Board of Revenue (FBR) and given solutions for economic revival but economic managers are burdening the business community instead of facilitating them to promote economic activities.
The business and commercial activities were already hampered due to poor law and order situation. He said fiscal and monetary adjustment was a part of Memorandum of Economic and Financial Policies signed by the government.