Islamabad: The value of annual tax exemption reached the highest level of 3 thousand 900 billion rupees, which is 73 more than last year, which has become a controversial issue in the ongoing negotiations with the IMF.
According to the Economic Survey, the national exchequer has suffered a loss of 39 billion rupees due to tax exemptions in different periods during the current financial year.
According to the Economic Survey, exemption from 18% GST on petroleum products amounts to 1.34 trillion rupees, but the government has collected only 1000 billion rupees by imposing a levy of 60 rupees per liter of petroleum. An increase of 121% has been observed, which has increased from 1.3 thousand billion rupees to 2.9 thousand billion rupees.
The tax exemption given on products under the Fifth Schedule of the Sales Tax Act is 206 billion rupees, which was 140 billion rupees last year, tax exemption of 676 billion rupees has been given under the sixth schedule.
An exemption of 33 billion rupees has been given on the sale of mobile phones. According to the Economic Survey, a tax exemption of 477 billion rupees has been given in the income tax, which was 424 billion rupees last year. Supreme Court and High Court judges, army generals. , the income tax exemptions given to federal bureaucrats, President of Pakistan, pensioners and army institutions have increased by 111%, which is worth 57 billion rupees.
543 billion rupees have been exempted under the customs duty, 191 billion rupees under the fifth schedule of the customs act, 127 billion rupees have been exempted from import related tax.
