Thursday, July 18, 2024

Budget: Know What is Cheap or Expensive

The federal government has presented the budget for the fiscal year 2023-24, which is 144 trillion 60 billion rupees in size.

Old bulbs and traditional fans will be more expensive in the new budget, with an excise duty of Rs 2,000 per person on traditional fans and a 20% regulator duty on old bulbs. Imported glass will become more expensive as well.

Solar panels will be cheap, customs duty on raw materials for solar panel manufacturing will be eliminated, and no customs duty will be required on the import of solar panel machinery.

According to the finance bill, the duty on raw materials used in the manufacture of batteries has also been abolished, as has the duty on inverter raw materials.

Leather shoes, jackets, and purses will be more expensive because the government has raised the sales tax from 12% to 15%. Textile products, including clothing, will also be more expensive, while linen goods will be less expensive.

Tiles, toilets, showers, and faucets will be less expensive, as will diapers, as the government has eliminated customs duties on raw materials for sanitary, diapers, and napkins.

Includes a proposal to exempt raw materials used in the manufacture of molds and dies from customs duties. Customs duties on raw materials for mining machinery, rice mill machinery, and machine tools will be eliminated, lowering the cost of goods.

Food will be cheaper in Islamabad hotels, as the government has reduced the tax rate from 17% to 5%, and the facility will be available to those who pay by credit card.

Customs duty on non-localized heavy commercial vehicles has been reduced by 5% to 10%. The tax cap on vehicles over 1300cc has been removed.

Customs duties have been waived on board for certain paper and art cards, as well as the publication of the Holy Quran.

Mehjabeen Qasim
Mehjabeen Qasim
Business Journalist at Startup Pakistan

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