Lahore: The government of Punjab has announced its decision to offer relaxation in the General Sales Tax (GST) rate on services in the upcoming Budget 2020-21 – in addition to prioritising property tax rate reductions and an extension in entertainment tax submission timeframes – according to news sources. These relaxations are aimed at facilitating the people amid the ongoing COVID-19 pandemic and its debilitating impact on the national economy.
The decision was taken in the third and final Resources Mobilisation Committee meeting – presided over by Punjab Minister for Finance Hashim Jawan Bakhat. The minister asked the excise and taxation department if the public was made aware of the reduction in taxes and duties. He directed the concerned officials to diligently spread awareness about the newly-reduced tax rates on vehicle registrations in the province to ensure maximum registration of vehicles.
Moreover, the finance minister also pointed out that more people and businesses need to be brought under the tax net to neutralise the pressure on existing taxpayers.
Moreover, the meeting also discussed ways to increase the working capacity of the Board of Revenue, excise and taxation negotiations with cinema owner in the province and revenue collection arrangements made in wake of the COVID-19 pandemic.
Hazafa reveres the art of writing and has been turned into a property enthusiast by profession. Her daily survival kit includes; tea, coffee, keyboard and paperbacks.
