Tuesday, July 23, 2024

Here’s How Much Tax Govt Imposes on a Fan in New Budget

The federal government has imposed federal excise duty (FED) on energy inefficient and incandescent bulbs in the Budget plan for the year 2023-24.

The government has imposed FED at Rs 2000/fan on energy inefficient fans to discourage their usage. The tax imposed on incandescent bulbs is 20% ad-valorem by the federal cabinet. 20% RD on tungsten filament incandescent lamps as well as their parts is implemented to avoid the usage of these energy inefficient bulbs.

The budget has announced multiple reliefs for the IT sector and incentives for the agricultural department have also been declared. The budget has imposed taxes on many energy inefficient household items to promote energy conservation. Moreover, the government did not increase taxes on essential items imported to facilitate business and trade.

After the new budget, people should shift to energy saving fans to save money as well as energy.

Related Articles

Latest Articles