Budget 2024-25: Govt proposes 10pc GST on stationery items

ISLAMABAD: The federal government has proposed 10pc General Sales Tax (GST) on all stationery items in the amended Finance Bill of Budget 2024-25.

According to the Finance Bill, the government has proposed to end tax exemption on stationery items and has imposition of 10pc GST on all items.

10pc sales taxes is proposed on pencils of all brands, inks, erasers, sharpeners, ball point, markers. The tax will be implemented on all the stationery items from July 1 (FY2024-25), if the Finance Bill get the nod of the lower house of the Parliament.

Earlier, responding to the points of the opposition on the Finance Bill, 2024, Minister for Finance Muhammad Aurangzeb said the economy has achieved stability.

He expressed the government’s determination to further enhance the stabilization process with the goal of steering the economy towards growth.

Sharing the economic indicators, the Finance Minister pointed out that there is reduction in the Current Account Deficit and the fiscal deficit is also under control.

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He said the currency has been stable over the last six to seven months, expressing the confidence that this stability will remain in the time ahead.

He said the foreign exchange reserves have reached nine billion dollars and that the inflation has come down to eleven percent from thirty-eight percent.

Muhammad Aurangzeb said enhancing the tax to GDP ratio and reforms in State Owned Enterprises and energy sector are part of the budget for the next fiscal year.

The Finance Minister said the tax to GDP ratio will be increased to thirteen percent in the next three years. He said our privatization plan consists of two to three years and it will be executed