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Revenue board urged not to bring zero rated sectors under RGST
14
Dec '10
Rana Muhammad Farooq Saeed Khan – the Federal Minister for Textile Industry, said in support of the apprehensions of the business community that the implementation of the RGST would adversely impact the industrial sector as a whole and would also cause its products to lose their competitiveness in the global market.

Further, the Federal Minister for Textile Industry revealed that, he has directed the Federal Board of Revenues (FBR) and the Finance Minister not to make any efforts to bring the zero rated sectors within the purview of the Reformed General Sales Tax (RGST).

He stated that he has asked the two authorities to grant some time so that he can get in touch with the stakeholders of the RGST to learn about their views in this regard. Once meetings are convened with these stakeholders, he would then update the Finance Minister about their view point.

While speaking on the tax refund issue, he said that as per the textile policy, the government has already sanctioned a sum of Rs 7.5 billion which has been deposited with the State Bank of Pakistan. He gave an assurance to the business community regarding release of their accumulated tax refunds within next 10 to 15 days.

Energy crisis in Karachi and gas scarcity in Punjab, by and large comes in the way of smooth functioning of the industrial sector and textile sector, in particular, he said while talking about the performance of the textile industry. He also added that, if these issues can be sorted out it would enable the country to compete both with India as well as China and its textile exports would exceed $20 billion.

He also informed that the government is trying to import the finest quality of cotton seeds with an intention of having abundant supply in 2011.

Fibre2fashion News Desk - India

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