Government Reduces GST & Custom Duty on Edible Oil

After a certain gap of a month, the government of Pakistan has decided to cut GST and customs duty by half for edible oil. Moreover, with an additional reduction in 2% customs duty to reduce the price by 45 to 50Rs per kilogram of edible oil.

The minister of planning and development Asad Umar said during a news conference, “We have decided to reduce its price by Rs45-50 per kg by reducing GST from 17 to 8.5pc, customs duty from Rs10,000 per tonne to Rs5,000 and abolish 2pc additional customs duty to provide relief ,”

Furthermore, explained that the relief on the inflationary trend would not be present in the next 3 to 4 months. Explaining that the forecasts about the decline in prices are different. He explained, that the prime minister will most certainly announce a subsidy plan for major targeted goods for the people in the coming days.