Textile tycoon and internationally-acclaimed Pakistan's leading businessman Mian Muhammad Mansha has said that General Sales Tax (GST) on domestic sales of textile industry should be between 7 to 10 percent at the entry level.
"It should not on higher side at the entry level," he said. He was talking exclusively to Business Recorder Thursday evening. "I'm in favour of Sales Tax but it should not be on higher side at the entry level," said Mansha, adding: "It should on lower side, say in between 7 to 10 percent." It may be noted that the government has withdrawn zero rating from domestic sales through a Presidential Order exposing it to 17 percent GST in one go. It has resulted into massive unrest from across the country. Yarn merchants, and processing industry is on strike against the decision.
I've met with the Finance Minister today and gathered an impression that they were going to take a decision on it soon. It may be noted that the Finance Minister Dr Hafeez Shaikh was due to hold a meeting with industry stakeholders on March 24, postponed to March 26.
Mansha also told that he has briefed the finance minister on cement industry problems and he has constituted a committee with the promise to look into and resolve the industry problems soon. Mansha said the governance is becoming a burgeoning issue in Pakistan and the government should immediately overcome the losses of public service entities without any further delay.
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