NAWAIWAQT GROUP
 
 
 
FBR asked to exempt small units from GST
 
 
 

ISLAMABAD  - The National Assembly Standing Committee on Textile Industry has directed FBR to exempt sizing, power looms and hosiery sectors, which were earning less than Rs 5 million annually, from General Sales Tax (GST).
Meeting of National Assembly Standing Committee on Textile Industry was held under the chair of Haji Muhammad Akram to discuss the matter relating to imposition of GST on power looms, sizing, hosiery and towel sector vide SRO 1125.
Standing committee said that threshold should be removed to facilitate small businessmen and Federal Board of Revenue should bring a long term solution for small businessmen in textile sector.  Standing committee directed FBR to collect tax from small businessmen in the textile sector for a single time as it was observed that board collects tax from these sectors thrice through different façade.
Committee said that these small businessmen are already paying million of rupees to develop their infrastructure while their earnings are low therefore board should not put extra burden on these small businessmen. Chairman of the committee Haji Akram said that due to strict policies of FBR small businessman escapes and does not pay tax.
Officials of FBR told the committee that it is not possible for FBR to exempt small power looms owners from GST as if anyone would be exempted from the tax net then it would create problems for the board in future. The whole sector would have to deal with this rule and it would create problems for us, official informed. Official asked the committee to initiate steps regarding the matter and do necessary legislation in this regard. Official further told the committee that SRO 1125 was issued after consultation with all stakeholders and has been implemented.  Standing committee also constituted a sub committee to solve the issues of Karachi textile city in the economic hub of the country.
Earlier, General Manager SNGPL Masood Anjum informed the committee that company is facing shortfall of 6024mmcfd. He said during the Iftar and Sehri timings gas demand in domestic sector increased therefore gas pressure to the industry reduces.
DG Petroleum Dr Shahab Alam informed the committee that government is well aware about the issues of industry therefore priority list of gas supply has been changed and industry has been placed at two. He said that KPK has surplus gas reserves therefore province is exempted from loadshedding.
Abdul Rasheed Godail said that surplus gas is also available in Sindh but loadshedding is observed there.  DG petroleum failed to satisfy and respond to the queries of members of standing committee. Officials of gas companies and DG petroleum are not prepared for the meeting and are unable to answer our queries, members observed.
Standing committee directed Secretary Petroleum Dr Waqar Masood to ensure his presence during the next meeting of the standing committee and respond to the queries of the members. Abdul Rasheed Godail asked the DG Petroleum to give the details of oil wells, their location and volume of oil and gas which is extracted from these wells.

 He also directed the DG Petroleum to give details that which wells are under control of which company.

 
 
on epaper page 16
 
Topics
 
fbr exempt units gst
 
more in Business

NEW YORK - Laduree chairman David Holder is a man on the move. His summer itinerary includes...

LAHORE - Pakistan’s equity market sustained last week’s positive momentum to clo...

 
Comments
comments powered by Disqus
 
 
NAWAIWAQT GROUP