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CBR to finalise proposals for GST on 18th

SOHAIL SARFRAZ

ISLAMABAD: A high-level meeting at the Central Board of Revenue (CBR) will finalise proposals for General Sales Tax (GST) at retail stage on February 18, it was learnt on Tuesday.

Dr Hafiz A Pasha, Chairman,, Advisory Committee, will chair the meeting to be attended by senior officials of the CBR and some eminent economists.

The CBR members will make presentations and give proposals regarding implementation of the GST at the retail stage. Members will also inform Dr Pasha about their recent consultations with retailers, groups of traders and associations all over the country.

Various issues like gross profit rate, fiscal deficit will also be discussed during the meeting.

Official sources informed Business Recorder that the package approved by the Advisory Committee with modifications, if deemed appropriate will be presented to the cabinet and the Chief Executive as well within next few days.

Finance Minister Shaukat Aziz has already announced levy of GST for the retailers from July 1, 2000.

The tax reform committee, headed by Dr Hafeez Pasha, had suggested that the development fund proposed by the previous regime in lieu of GST should be abolished and total turnover up to Rs 1 million should be exempted.