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Government Removes VAT on Potato, Onion, and Perishable Food Items to Boost Domestic Production

  • Government has made changes in tax rates of different goods and commodities
  • Import fees and excise duty reduced on raw materials of various products
  • VAT exemption removed on potato, onion, apple, and other vegetables and fruits
  • Excise duty rate increased on liquor, beer, tobacco, and cigarettes
  • Threshold for VAT registration increased to Rs 3 million
  • Green tax imposed on import of petroleum products and coal
  • Import tax and excise duty increased on some readymade goods for protection of domestic industries
  • Income tax on bank interest payments decreased to attract foreign capital
  • Plans to develop agreement to end dual tax system for foreign investment
  • Exemption on dividend tax for information technology-based industries
  • Customs duty reduced to one percent for import of steel milk cans for animal farms and industries

Source: myrepublica.nagariknetwork.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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