Connect with us

Hi, what are you looking for?

Breaking News

Price Hikes: Mobile Phones, Hybrid Cars, Cement, Property, Cigarettes All Impacted

Price Hikes

The federal government’s annual budget for the Fiscal Year 2024-25 has ushered in price hikes for various items, including mobile phones, hybrid cars, cement, property, and cigarettes.

Finance Minister Muhammad Aurangzeb, while presenting the budget in the National Assembly session, emphasized the transition from a government-driven to a market-driven model.

Aurangzeb outlined several tax adjustments and measures aimed at streamlining taxation and promoting economic efficiency.

For instance, the government proposed increasing the GST rate on branded and expensive textile and leather items from 15% to 18% for TIER-I retailers.

Similarly, mobile phone taxes would be standardized at an 18% rate across different categories to eliminate distortions in the market.

Furthermore, the government announced the imposition of withholding tax on copper, coal, paper, and plastic scrap sectors, citing their disorganized nature and minimal contribution to the national exchequer.

Conversely, exemptions were proposed for iron and steel scrap to address issues related to fake invoices and sales tax adjustments.

In a move to align advance tax on vehicle purchases with market realities, the government suggested levying taxes based on the price of the car rather than its engine capacity.

Additionally, strict penalties were recommended for retailers selling cigarettes without tax stamps, including shop sealing.

Other notable proposals included the imposition of federal excise duty (FED) on acetate tow used in cigarette filter production, an increase in FED on cement from Rs2 to Rs3 per kg, and the introduction of a 5% FED on new residential and commercial plots to curb speculation in the real estate sector.

Overall, these budgetary measures aim to enhance revenue collection, promote market efficiency, and address challenges in various sectors while fostering economic stability and growth.

Written By

I am a dynamic professional, specializing in Peace and Conflict Studies, Conflict Management and Resolution, and International Relations. My expertise is particularly focused on South Asian Conflicts and the intricacies of the Indian Ocean and Asia Pacific Politics. With my skills as a Content Writer, I serve as a bridge between academia and the public, translating complex global issues into accessible narratives. My passion for fostering understanding and cooperation on the national and international stage drives me to make meaningful contributions to peace and global discourse.

Health & Education

CSS 2025 Hundreds of students preparing for the Central Superior Services (CSS) 2025 examinations have taken to the streets in protest, demanding a postponement...

National

Basmati Rice In a significant victory for Pakistan, the long-standing dispute over the ownership of Basmati rice in the global market has resulted in...

Latest Updates

Hamid Khan Pakistan Tehreek-e-Insaf (PTI) Senator and senior lawyer Hamid Khan has announced that the lawyer community will challenge the recent nominations of six...

Science & Tech

SpaceX’s Starlink satellite network experienced a sharp increase in satellite re-entries, with over 120 satellites burning up in Earth’s atmosphere in January, according to...