Prices go up and down for budget proposals

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Prices go up and down for budget proposals

Finance Minister AHM Mustafa Kamal has proposed changes to duties on different products, which will result in increase or decrease in their prices

UP

Furniture: Furniture to see 2.5% VAT hike at showrooms. AC launch travel: VAT to be doubled to 10% from 5%. Car registration, renewal and other services: Supplementary duty (SD) proposed to be hiked to 15% from the existing 10% on all BRTA services.

Chartered aeroplanes and helicopters: SD hiked to 30% from existing 25%. Mobile services: SD hiked to 15% from existing 10% on services provided through mobile phone SIM/RIM cards including internet charge.

Imported cell phones: Existing duty rate proposed to be hiked. Cosmetics: Locally manufactured cosmetics to have 10% SD from the existing 5%. Ceramic sink and basin: 10% SD imposed at the manufacturing stage.

Industrial salt: Existing duty rate on industrial salt proposed to be hiked.Imported honey: Natural honey in bulk to have 10% hike in customs duty and a fresh 15% VAT. Lightning arrester: Customs duty doubled to 10% from existing 5%.

Local tobacco products: All local tobacco products including cigarette, biri, gul, jorda will see a duty hike. Others: Television, online shopping, aluminium products, furnace oil, imported poultry goods, painting charge, cement, printer ink, raw material for glue, and lighting items will also see a hike in duty.

Down

Locally produced mustard oil: Total VAT exemption proposed. Onion: Duty on imported onion also to be decreased. Up to 60 AMP solar battery: VAT exemption proposed on production for IDCOL partner organizations. Potato flakes made of locally produced potatoes: VAT rate proposed at 5% from existing 15%.

Maize starch: VAT rate proposed at 5% from existing 15% on local manufacturing. Covid-19 kits: VAT exemption proposed on import, manufacturing and trading of Covid-19 related kits.

Personal Protective Equipment (PPE) and Surgical Mask (including face mask): VAT exemption proposed on local companies’ manufacturing and trading stages.Covid-19 medicine: VAT exemption proposed on import, manufacturing and trading.

Sanitary napkin and diaper: Customs duty to come down on import of raw materials.

Gold: Import of gold bar exempted from 15% VAT.

Local items: Locally made fridge, air-conditioner, cell phone, motorbike, refrigerator, plastic goods, LP gas cylinder, automobile products, and solar battery will also see a decrease in duty.

Others: Detergent, ICU equipment, sanitizer, medicines, hand operated agriculture equipment, mild steel sheet, soybean oil, raw materials of production based industry, shoes and sandals, cloths to produce shoes, locally produced potato chips, X-ray plate and medical equipment, compressor raw material, petroleum goods, textile fabrics, garlic, sugar, mustard oil, solar goods, lubricants, disinfectant spraying machine will see reduced duty.

 

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