GST Reduced on Petroleum Products
Islamabad: According to news reports, the Federal Board of Revenue has lowered the general sales tax rate on petroleum goods in order to maintain competitive pricing for consumers.
Thursday’s sales tax SRO 183(I) of 2022 notified the lowest GST rates in order to pass along the shortest increase to clients. The standard rate for the GST is 17 percent.
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The announcement states, “In exercise of the authority provided by clause (b) of subsection (2) of section 3 of the Sales Tax Act, 1990, the federal government is delighted to direct that the following further amendment shall be made [with effect from] January 16, 2022”
The GST rate has been cut to 0.79 percent for gasoline, 3.17 percent for high-speed diesel (HSD), 5.30 percent for kerosene, and 0% for light diesel oil (LDO).
The former rates were as follows: 2.5% for gasoline, 5.44 % for HSD, 8.30 % for kerosene, and 2.7% for LDO.
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The government has the option of abolishing or partially eliminating the GST on petroleum products in order to contain rising oil costs.
Due to inflationary pressures, the government delayed by two weeks the application of an extra fuel tax on January 31, leaving the ex-depot prices of petroleum products unaltered for the time being.
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