ISLAMABAD: The Pakistan government on Tuesday increased General Sales Tax (GST) on petroleum products from 17 per cent to 22 per cent cutting relief for consumers of an estimated Rs5 billion.
Federal Board of Revenue (FBR) released notification for the GST hike on petroleum products over directives of the Finance Ministry
The notification will be effective from January 1, 2015 while the increased sales tax would be charged on High-speed Diesel oil, Light Diesel Oil, Kerosene, and Motor spirit including HOBC.
The notification was released when the government started preparations to approve another major reduction up to 17 rupees in petroleum prices on recommendations of Oil and Gas Regulatory Authority (OGRA) yesterday.
The OGRA had prepared summary to reduce petroleum prices for the month of January and it will be affected from January 1.
The body has recommended decrease of 17.53 rupees per liter for HOBC, while it further recommended 12. 56 rupees decrease for light diesel, 6.66 rupees for petrol and recommended slashing of 13.23 rupees for Kerosene oil.
It is pertinent to mention here that due to continual decrease in petroleum products prices in world market the government has decreased petroleum prices in last three months.
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