170 billion mini-budget presented, cigarettes, cement, wedding ceremonies, air travel, drinks including hundreds of items are expensive, protests in the Senate

170 billion mini-budget presented, cigarettes, cement, wedding

ceremonies, air travel, drinks including hundreds of items are

expensive, protests in the Senate.

ISLAMABAD Web Desk

Federal Finance Minister Senator Ishaq Dar presented a mini-budget of 170 billion in the National Assembly on the terms of the International Monetary Fund (IMF), in which the general sales tax is 18 percent and the sales tax on luxury goods is 17 percent.

It has been proposed to increase it to 25%. Later, Ishaq Dar presented the Supplementary Finance Bill 2023 in the Senate as well, on this occasion strong protests were recorded by the opposition and Chairman Dice was also surrounded. Opposition members tore copies of the finance bill and also raised slogans against the government.

Federal Finance Minister Senator Muhammad Ishaq Dar has advised the people to adopt simplicity and said that due to revenue of 170 billion rupees, the country's economy will get stability. The cabinet will reduce its expenses.

It is proposed to impose a tax, while it is also proposed to increase the rate of federal excise duty on cigarettes and beverages, it is also proposed to increase the prices of business class and first class tickets of airlines. Excise duty on cement is 1.50. It is being increased from Rs.2 to Rs.2 per kg. 40 billion is being increased in the amount allocated for the Benazir Income Support Program, it will be increased from 360 billion to 400 billion rupees.

30 billion rupees subsidy will be given. 75 thousand solar energy tube wells will be installed in the current financial year. They will be able to keep the percentage of money in their accounts. The common man will not be affected by the new taxes, but the luxury items of the rich will be expensive.

But unfortunately, in 2022 we became the 47th economy, and a national commission should be formed to know the situation of economic decline, our GDP and growth rate will improve as a result of economic reforms.

Speaking after presenting the Supplementary Finance Bill 2023 in the National Assembly on Wednesday, Ishaq Dar said that during our time the loans were 24953 billion rupees, PTI has increased the size of these loans to 52000 billion rupees which is the reason.

Our annual debt repayment rate has exceeded 5 thousand billion. He said that the agreement that the Imran government made with the IMF in 2019 was a state agreement, our government recognized the agreement unanimously. In this situation, it is necessary to make some difficult decisions that are inevitable.

Ishaq Dar said that the federal cabinet has approved the taxation of 170 billion, the tax on daily household items, and the common man will not be taxed, the government has increased the GST rate to 25% on the luxury items of the richest people. the percent has decided to impose a 20 percent duty on those traveling in first and business class, as well as a 10 percent withholding advance tax to promote simplicity at wedding ceremonies.

Federal on cigarettes and beverages. Excise duty is being increased. The GST rate has been increased from 17% to 18%, and open fruits, meat, pulses, and daily items will not be taxed. Next year's GDP target is 4 percent. Our foreign exchange reserves will increase, and the value of the rupee will stabilize.

He said that the Prime Minister has announced a farmer package of 2000 billion rupees. Loans have also been paid. Subsidy and easy loans will be provided for agricultural machinery this year.

He said that small and large businesses related to agriculture are being upgraded, the rating of these businesses is 4 thousand per unit. 10 thousand so that this unit can benefit from maximum loans.