Islamabad: The federal government has implemented the measures taken in the budget of the current fiscal year 2023-24 by accepting the five major demands as per the terms of the International Monetary Fund (IMF).
According to the details, additional taxes of 415 billion rupees imposed in the budget through the Finance Act 2023 have been implemented, according to which the sales tax on two-gram milk cartons worth up to 500 rupees for children has been increased from 5% to 6%. .
The rate of sales tax on supply of taxable goods to unregistered persons has been increased from 3% to 4%, federal excise duty of 5% on fertilizers, income tax rate has been increased by 2.5% on monthly salary of more than two lakh rupees. While for non-filers, 0.6% tax has been applied on banking transactions of more than fifty thousand rupees.
As soon as Finance Act 2023 comes into effect, after increasing the petroleum levy from 50 to 55 rupees, additional supertax on income has also been implemented. The income slab for supertax has been increased from 30 crores to 50 crores.
Under the Finance Act, 10% supertax has also been imposed on the income of banking companies exceeding 30 crores. In major sectors, 10% tax will also have to be paid on earning more than 30 crores. The Federal Board of Revenue has also uploaded the Finance Act 2023-24 on the website.
Under which major sectors include petroleum, gas, pharmaceuticals, sugar, textile, fertilizer, iron, steel, LNG terminal, oil marketing, oil refiner, airlines, automobiles, beverages, cement, chemicals, cigarettes, tobacco sector. .
They will also have to pay 10% super tax. Companies earning 40 to 50 crores per annum will be charged 8% super tax. The rate of super tax has increased from 4 to 6% on income between 35 crores and 40 crores. The rate of super tax has been maintained at 3% on income from Rs.
Similarly, income tax has been increased by 2.5% on monthly income of more than two lakh rupees, i.e. more than 2.4 lakh per year, five percent federal excise duty has also been imposed on fertilizer and additional income of 35 billion rupees will be obtained from excise duty on fertilizer. .
One percent tax on the purchase and sale of property has been increased, the tax on the purchase and sale of property has been increased from one to two percent.
The sales tax on two-gram cartons of children’s milk up to the value of five hundred rupees has been increased from five percent to six percent.
Apart from this, the entire supply chain including drug manufacturers and suppliers registered under the Drug Act has also been exempted from tax. The federal government has increased the excise duty on the registration of vehicles of more than 2000 cc in the federal budget of the financial year 2023-24.
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