Items subjected to lower tax rates: 17% GST may be levied to raise PKR 200Bn

FBR may impose a standard rate of 17% sales tax on certain items subjected to lower rates of sales tax (5%, 7.5% and 10%) and withdraw some existing sales tax exemptions to generate additional revenue of PKR 200Bn in the remaining period of FY20. However, FBR is reviewing the 6^th Schedule (Exemption Schedule) and 8^th Schedule (Conditional Exemption) of the Sales Tax Act 1990. In this regard, an exercise has begun at the FBR.

13/02/2020