July 19, 2021
LAHORE: The government generated Rs31.72 billion under the head of general sales tax on sugar while the Punjab government failed to implement the price of Rs85 per kg fixed by it.
According to the official data available with The News, sugar millers sold 2.474 million metric tons sugar during December 2020 to May 2021. According to the sales tax returns filed by the sugar millers to the Federal Board of Revenue (FBR), the sugar millers declared that they sold Rs 174.285 billion worth of sugar during this time while average ex-mill rate was declared at Rs70.42 per kg without adding sales tax. After adding wholesale margin and distribution cost of Re one per kilogramme, transport, packaging and retailers margin of Rs4 per kilogramme and 17 percent sales tax which is calculated at Rs12.82 per kg brings the average sales price of sugar at Rs88.24 per kg.
July 19, 2021
LAHORE: The government generated Rs31.72 billion under the head of general sales tax on sugar while the Punjab government failed to implement the price of Rs85 per kg fixed by it.
According to the official data available with The News, sugar millers sold 2.474 million metric tons sugar during December 2020 to May 2021. According to the sales tax returns filed by the sugar millers to the Federal Board of Revenue (FBR), the sugar millers declared that they sold Rs 174.285 billion worth of sugar during this time while average ex-mill rate was declared at Rs70.42 per kg without adding sales tax. After adding wholesale margin and distribution cost of Re one per kilogramme, transport, packaging and retailers margin of Rs4 per kilogramme and 17 percent sales tax which is calculated at Rs12.82 per kg brings the average sales price of sugar at Rs88.24 per kg.
July 19, 2021
LAHORE: The government generated Rs31.72 billion under the head of general sales tax on sugar while the Punjab government failed to implement the price of Rs85 per kg fixed by it.
According to the official data available with The News, sugar millers sold 2.474 million metric tons of sugar during December 2020 to May 2021. According to the sales tax returns filed by the sugar millers to the Federal Board of Revenue (FBR), the sugar millers declared that they sold Rs 174.285 billion worth of sugar during this time while average ex-mill rate was declared at Rs70.42 per kg without adding sales tax. After adding wholesale margin and distribution cost of Re one per kilogramme, transport, packaging and retailers margin of Rs4 per kilogramme and 17 percent sales tax which is calculated at Rs12.82 per kg brings the average sales price of sugar at Rs88.24 per kg.
The PSMA has refused to accept the new official ex-mill rate, terming the government decision erroneous. Photo courtesy Umair Ali/File
LAHORE: The Pakistan Sugar Mills Association (PSMA) has refused to sell the sweetener at new ex-mill rates announced by the government.
The Controller-General of Prices, Ministry of Industries and Production, had announced on Friday Rs70.42 per kg as the ex-mill rate of sugar, claiming the rate was determined on the basis of the tax returns filed by the sugar mills regarding the sale of the sweetener during the six-month period – from Dec 2020 to May 2021.
The notification issued by the Controller-General fixed the per kg retail price of white crystalline sugar at Rs88.28 after including 17 percent sales tax, ancillary costs, profits of wholesaler and retailers. It directed the provincial authorities to implement the rates under SRO F.No 1(7)/2005-CA, Vol-III, dated Aug 14, 2006, and to take action against the mills, dealers, distributors and r
Sugar scam: FIA summons Shehbaz Sharif for questioning arynews.tv - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from arynews.tv Daily Mail and Mail on Sunday newspapers.