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Readjustment of GST on raw material giving benefits to local industry
SENATOR FAROOQ HAMID NAEK, CHAIRMAN SENATE STANDING COMMITTEE ON FINANCE, REVENUE, ECONOMIC AFFAIRS PRESIDING OVER A MEETING OF THE COMMITTEE AT PARLIAMENT HOUSE, ISLAMABAD ON SEPTEMBER 24, 2018.

Readjustment of GST on raw material giving benefits to local industry

ISLAMABAD: The Senate Committee on Finance was briefed by Finance Minister Asad Umar that intention behind readjustment of customs and general sales tax (GST) on raw materials is to give benefits to the local industry.

Senate Standing Committee on Finance, Revenue, and Economic Affairs in its meeting discussed the amendments in Customs Act 1969, Sales Tax Act 1990, Income Tax Ordinance 2001, as part of the Finance Supplementary (Amendment) Bill, 2018.

The meeting was chaired by Senator Farooq Hamid Naek at the Parliament House on Monday and was attended among others by Senators Mohsin Aziz, Khanzada Khan, Anwar-ul-Haq Kakar, Haroon Akhtar Khan, Musadiq Malik, Mushahidullah Khan, Muhammad Ateeq Sheikh and Talha Mehmood.

The Senate Standing Committee on Finance, Revenue, and Economic Affairs was given briefing by Federal Board of Revenue regarding the amendments proposed in the finance bill.

The committee members expressed concerns on proposing removal of bar on buying property and vehicles on non-filers. The committee was told that the purpose behind removing the bar is the legal hiccup in the implementation of this decision as it does not specify measures for issues of inheritance, criteria for pensioners and overseas Pakistanis.

It was told that the government is in process of developing a mechanism to address the issue and take measures to broaden the tax net. The committee chairman asked law division and FBR as well as the members to come up with proposed draft on purchase and registration of property by non-filers.

The committee also discussed revised tax rates and decided to pending discussion till more information was received. Amendments in Federal Excise Tax 2005 and compliance of earlier directives will be discussed in the meeting to be held on Tuesday (today).