Islamabad: The Federal Board of Revenue has proposed to raise additional funds through sales tax on a number of industries. Among others are included the cement and steel production sectors. A combined total of Rs7 billion are expected to be collected from the cement and steel sectors. This is part of the overall drive to generate additional sales tax revenue of Rs509 billion.
The proposed move is aimed at simplifying the process of GST collection by reducing the current 272 tax rates to a two-tier tax rate. The proposal imposes general sales tax and in addition withdraws exemption from several sectors. It also focuses on better enforcement of sales tax collection from certain sectors. This is where the cement and steel production sectors come into picture. FBR has proposed to generate an additional Rs4 billion from cement and Rs3 billion from steel sectors.
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