In order to pass through the IMF requirements, National Assembly approved Finance Act Amendment Bill 2021, after which prices for 150 products, including medicines, sewing machines, imported spices, vehicles, mobile phones and infant formulas, will be impact.
According to News Sources, Mini-Budget has led to increase in the prices of medicines, medicines, raw materials used in its manufacture, infant formulas weighing more than 200 grams, worth more than five hundred rupees, packets of yoghurt, cheese, butter, ghee and sweets will also rise.
Branded Bread and Buns , soybeans, Nan, chapati will not be taxed, but bakeries, restaurants, food chains and pastry shops in Tier One system of FBR will be taxed. A 17% state sales tax (GST) is levied on Infant milk worth more than Rs. 500.
In addition, price of imported newspapers, newspapers, magazines, cosmetics, books, sewing machines, live animals and imported poultry will be taxed more, and prices for cotton seeds, poultry machines, stationery, gold and silver will also rise. he did.
The mini-budget agreed to increase the sales tax on around 150 products, including an increase in the tax on mobile phones from 10 per cent to 15 per cent, leading to an increase of Rs 7 billion. Sales tax is 8.5%, hybrid cars weighing 1801-2500 cc are taxed at 12.75% and imported electric cars at 12.5%.
Following the adoption of the amendment to the Finance Act, the tax on imported cars will be raised from 5% to 12.5%. The federal excise duty on all imported vehicles will remain unchanged, while the tax on domestically manufactured 1,300 cc vehicles will be 2.5 percent. A 5% tax has been proposed on domestic vehicles for 1,300 cubic meters.
301-2000 cc vehicles manufactured in Pakistan are subject to a 5% duty instead of 10%, domestic vehicles over 2001 cc are subject to a 10% levy, while 1800 cc domestic and hybrid cars are subject to a 8.5% duty. charge and 1801 to taxed Hybrid cars 2500 cc 12.75% and imported electric cars 12.5%.