Complete information regarding Pakistan Budget 2024-25
The salaried class is likely to sweat in the budget.
According to the details, the government has made preparations to put more burden on the salaried class in the budget.
It is proposed to reduce the slabs of income tax from five to four on IMF terms.
For the salaried class, it has been proposed to increase the tax by 10 percent on monthly income of 3 to 5 lakh, while the maximum income tax limit is likely to be increased from 35 to 45 percent.
The maximum limit of income tax will be applied to the annual income of more than 600,000, but the final decision will be taken today in the meeting of the federal cabinet.
The budget meeting will also give final approval to increase in salaries and pension.
In the budget session, consideration is also given to imposing six percent GST on petroleum products.
Petroleum Levy
According to the budget document, the petroleum levy imposed on petroleum products was increased by 33%.
According to the budget document, the levy on petrol and diesel has been increased from Rs 60 to Rs 80 per litre, while the petroleum levy on high octane, light diesel and ethanol has been increased by 50%.
The government has announced a relief on solar panels in the budget 2024-25.
The government has decided to give relief on import for the promotion of solar panel industry in the budget of the financial year 2024-25.
According to the budget document, plant, machinery and associated equipment and raw materials and components used in the manufacture of solar panels, inverters and batteries for the purpose of manufacturing solar panels for export by the government and to meet local needs. Subsidies are being given on import of solar panels to reduce dependence on imported solar panels and save valuable foreign exchange.
Sales Tax
It has been decided to end sales tax exemptions, concessional rates and exemptions, 18% sales tax will be levied on various categories of mobile phones.
It has been decided to levy standard rate of sales tax on various goods, withholding tax on copper, coal, paper, plastic scrap has been decided.
It has been decided to end the tax exemption on the import of luxury cars, it has been decided to increase taxes and duties on imported cars worth 50 thousand dollars.
It has been decided to abolish the duty on the import of glass products, while it has been decided to increase the rate of duty on the import of steel and paper products.
In addition, the annual budget increased the tax rate on mobile, cement, paper, imported vehicles and property purchase and sale.
Branded clothing, footwear, leather products have been made more expensive while sales and business taxes have been increased for non-filers. Illegal cigarette sellers will go to jail and the shop will be closed
Major announcement related to Benazir Income Support, sponsorship and educational scholarship program in the budget
Finance Minister Muhammad Aurangzeb while presenting the budget said that 5 lakh more families will be included in Benaziran Income Support Program (BISP) while 597 billion is being allocated after 27% increase in BISP.
He announced that the number of eligible persons under the Kafalat program is being increased from 9.3 million to 10 million. Another one million children will be enrolled in the education scholarship program, after which the number of children in the education scholarship program will increase to 10.4 million. .
Increase In Salaries
In view of the inflation, the government has announced an increase in salaries and pensions while giving a big relief to the government employees.
The salaries of employees in grades 1 to 16 have been increased by 25 percent and those in grades 17 to 22 by 20 percent.
The pensions of retired government employees are being increased by 15% while the minimum monthly wage has been increased from 32 thousand to 36 thousand.
