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5% GST imposed on petroleum products: Dar

ISLAMABAD: Minister for Finance Ishaq Dar on Thursday said that five percent additional GST had been imposed on petroleum products to reduce revenue loss of the country, which occurred due to falling prices of oil in global market.

He was speaking during the Senate session today. The session was held with Chairman Syed Nayyar Hussain Bukhari in the chair.

He said there was a massive negative impact on revenue collection due to reduction in oil prices in the global market.  He said five reductions have been made in prices of petroleum products since September 1 last year to provide relief to the people.

He said by imposing five percent GST on petroleum products, the government will collect Rs 17.5 billion by June 2015.

He also told the Upper House that additional Rs 30 billion had been spent on Zarb-e-Azb operation, including assistance for IDPs.

The opposition also walked out from the House to protest against imposition of 5% additional GST by the government.

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