Mini Budget effect: Know which item prices went higher.

A “Mini Budget” to raise Rs170 billion in income has been unveiled by the current administration.

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In response to the International Monetary Fund’s (IMF) proposals to levy additional taxes on those experiencing inflation, the current government published a “Mini Budget” to raise Rs170 billion in revenue.

The standard general sales tax (GST), which is currently 17%, will be raised to 18% by the Federal Board of Revenue (FBR) in order to collect taxes totaling Rs115 billion; the remaining Rs55 billion would be earned by additional measures in connection with the Finance (Supplementary) Bill 2023.

The top tax collecting agency stated in the notification that the 18% GST will be applicable to consumer packaged goods, which includes a variety of things used on a daily basis.

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The items affected by this Mini Budget are as follows;

  • Edible oil
  • Biscuits
  • Jam
  • Jelly
  • Noodles
  • Children’s toys
  • Chocolates
  • Coffee
  • Make-up
  • Shampoos
  • Creams
  • Lotion
  • Soap
  • Toothpaste
  • Hair Color
  • Hair remover cream
  • Hair gel
  • Shaving foam
  • Shaving gel
  • Shaving cream
  • Shaving blades
  • Computers
  • Laptops
  • Electronic gadgets
  • Smartphones
  • iPods
  • TVs
  • LEDs
  • LCDs
  • Juicers
  • Blenders
  • Other electronic machinery
  • Car shampoos
  • Car polishes
  • Perfumes
  • Branded perfumes

The administration will raise the GST on luxury goods from 17% to 25% in addition to these measures.

On business and first-class airline tickets, Federal Excise Duty (FED) would rise by Rs20,000 or 50%, whichever is higher.

Additionally, marriage halls will be subject to a 10% withholding adjustable advance income tax. The FED on soft drinks with added sugars and the cement will also be shifted up.

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