ISLAMABAD
To meet the conditions set by the International Monetary Fund (IMF) for the revival of its $6 billion loan, the PTI government is all set to table a mini-budget before Parliament next week.
The finance bill will seek withdrawal of the General Sales Tax (GST) exemptions and slapping standard rate of 17 percent on import of mobile phones, computers, silver/ gold, different articles of jewellery, re-meltable scrap, LPG and many other products.
It is not yet known whether the government will impose a standard GST rate of 17 percent on POL products or not because if the whole GST rate and petroleum levy were jacked up to Rs30 per litre in phases, the storm of inflationary pressures might touch new heights.
It seems that the government will make last-ditch efforts to protect the POL products from the maximum rate of GST. Currently, it is charging a minimum amount of GST on POL products.
