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June 28, 2013

17pc GST enforced from June 13 as NA passes budget

 
June 28, 2013

ISLAMABAD: The National Assembly on Thursday passed the Finance Bill 2013, giving legal effect to the budgetary proposals for the next fiscal year.With the passage of the federal budget for the fiscal year 2013-14, the National Assembly also approved the federal budget with a total outlay of Rs3,591 billion.
The National Assembly also approved an amendment in the Finance Bill moved by Finance Minister Senator Ishaq Dar to increase the General Sales Tax (GST) from 16% to 17% from June 13, 2013
Another amendment provides that the auditor general shall exempt expenditures of secret service agencies certified by the federal government as relating to national security from the scope of the audit. The new clause was inserted into the finance bill through an amendment moved by the finance minister.
Through another amendment in Clause 3 of the Finance Bill, also moved by the finance minister, the National Assembly also approved nine percent additional General Sales Tax (GST) on the CNG sector, increasing it from 17% to 26%.Senator Ishaq Dar also got another amendment approved by the House according to which the slabs of taxable income have been reduced from 12 to 11.
The purpose was to provide relief to those having income above Rs400,000 but not exceeding Rs750,000. They would now pay 5% income tax on income exceeding Rs400,000 up to Rs750,000. Earlier, it was proposed that 5% would be charged from a person having income above Rs400,000 up to Rs500,000 while 7.5% tax was proposed on income above Rs500,000 up to Rs800,000.
The House also passed an amendment for insertion of a clause in the Finance Bill regarding additional privileges for the Senate chairman and National Assembly Speaker. The amendments moved by Jamaat-e-Islami (JI) and Pakistan People’s Party (PPP) members were, however, rejected.
One of the nine amendments moved by the JI members sought withdrawal of increase in the GST from 16% to 17%. They also moved an amendment for the

withdrawal of tax on land developers and builders saying as a result of this measure, the cost of construction of houses would go out of control of the common man.
The National Assembly also passed 120 supplementary demands for grants and appropriations over Rs327 billion for the year 2012-13 relating to different ministries, divisions and departments.

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