The Federal Board of Revenue (FBR) recently revealed before the NA body on Textiles that, owing to the reduction in the General Sales Tax (GST) for the textile sector from 17 percent to between four to six percent, coupled with other incentives for domestic textile sales, granted under the new sales tax regime, it is apprehending an annual loss of eight billion rupees in revenues.
Following the reduction in the duty imposition from 17 percent to four to six percent on local sales of the textile industry to unregistered persons, the FBR was required to lower its tax collection estimates from original Rs. 28 billion to Rs. 20 billion.
FBR was expected to collect tax of around seven billion rupees from the textile sector during April to June, 2011, but now with reduction in the GST rates, it has reduced its collection estimates for the period to five billion rupees.
Fibre2fashion News Desk - India
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