ISLAMABAD: The government has moved a summary for slapping higher general sales tax (GST) \u2014from 18 to 25% \u2014 on more luxury items to fetch an additional Rs11 billion in revenue, The News reported Saturday, in a bid to convince the International Monetary Fund (IMF) to release $1.1 billion tranche as forex reserves remain dangerously low. The summary has been forwarded to the federal cabinet through circulation and awaits its approval for adding more items to the list. The government has increased the list of items on which it aims to impose a higher GST rate of 25%. These items include aircraft and boats\/ships (for pleasure, recreation, and private use) jewelry, and wristwatches. The locally manufactured motor vehicles that are proposed to be taxed at a higher rate of 25% include only SUVs and CUVs, vehicles of engine capacity 1400cc and above, and quad-cab pickup 4×4 trucks. However, categories of vehicles like locally manufactured EVs (Electric Vehicles) up to a battery capacity of 50 Kwh, electric three-wheelers, e-bikes, and hybrid electric vehicles (HEVs) of up to 2500cc have been excluded from the list and will continue to be charged at the reduced rate as provided under Eighth Schedule to the Sales Tax Act, 1990.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD: The government has moved a summary for slapping higher general sales tax (GST) \u2014from 18 to 25% \u2014 on more luxury items to fetch an additional Rs11 billion in revenue, The News reported Saturday, in a bid to convince the International Monetary Fund (IMF) to release $1.1 billion tranche as forex reserves remain dangerously […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-317534","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n