Millat Tractors to resume production from Sep 4

By MG News | September 03, 2024 at 12:28 PM GMT+05:00

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September 03, 2024 (MLN): Millat Tractors Limited (PSX: MTL) will resume production from September 04, 2024, onwards, the company said in a stock filing on Tuesday.

However, it said that sales will remain restricted until the Federal Board of Revenue (FBR) provides clarification on the Sales Tax refund procedure and its applicability.

To recall, earlier in August, MTL had halted production temporarily due to ongoing issues with GST refunds. The company revealed that the GST on tractors is set at 10%, while the GST on all input raw materials is 18%, leading to a continuous backlog of refunds.

Despite multiple requests for clarification, the government had not issued a mechanism for processing these refund claims.

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