Pakistan Sugar Mills Association (PSMA) has welcomed withdrawal of General Sales Tex (GST) and Special Excise Duty (SED) on sugar. Talking to Business Recorder, after the announcement of federal budget 2011-11, Chairman, PSMA, Javed Kayani, said that imposition of eight per cent Federal Excise Duty and withdrawal of GST and Special Excise Duty on sugar would not be instrumental to any substantial increase in the prices of the commodity.
He, however, urged the government to purchase 0.4 million tons of sugar from mills to build strategic reserves so that early payment to sugarcane growers could be made by the millers. In this regard, the ministry of Industries has already submitted a summary to the Economic Co-ordination Committee (ECC) of the cabinet, which is expected to be considered in the next meeting.
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