LCCI advises cabinet to reduce GST on tractor

LAHORE: Lahore Chamber of Commerce and Industry (LCCI) here on Tuesday hailed the Cabinet committee decision to cut General Sales Tax on tractors to 5 per cent from the 16 percent.

The Chamber's office-bearers- President Irfan Qaiser Sheikh, the SVP Kashif Younis Mehar and VP Saeed Nazar were of the view that cabinet decision would not only facilitate the tractor manufacturers, vendors attached with this industry but would also give boost to agriculture sector.

They said the reduced GST would increase the sale of tractors and ease the problems being faced by the tractor manufacturers and the farming community, as after the imposition of 16 per cent GST only 6,000 tractors could have been sold in the last six months.

After this decision thousands of employees and their families attached with this sector would also get benefit, they added.

They said that availability of tractors at cheaper prices would also help increase the production of agriculture in the country.

Copyright APP (Associated Press of Pakistan), 2012