November 2, 2022 (MLN): The federal government will likely impose general sales tax (GST) on petroleum products in the mid of November in order to cover the October shortfall of Rs22 billion.

On Tuesday, FBR issued the tax collection number which shows a shortfall of Rs22bn in October, as the government is facing difficulties to achieve the Rs700bn revenue target for November.

To recall, in March 2022 former prime minister Imran Khan announced the sales tax exemption on all petroleum products, including High-Speed Diesel (HSD), Kerosene, petrol, and Light Diesel Oil (LDO).

The government decided to raise the Petroleum Levy (PL) till 15 Nov to Rs50 per liter on petrol, and on 31st Oct Finance Minister, Ishaq Dar with the approval of Prime Minister Shahbaz Sharif decided to keep the petroleum prices unchanged for the half of November.

At present. the PL on HSD is Rs4 per liter and their is significant room to increase PL.

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Posted on: 2022-11-02T10:17:08+05:00

News Id :35707