ISLAMABAD: Finance Minister Ishaq Dar told the National Assembly on Thursday that there is Rs 196 billion cumulative shortfall in revenue collection is expected this year and the government has taken measures to reduce the shortfall by Rs 46 billion.
In a statement in the National Assembly, he said the government has reduced the revenue collection target by 119 billion rupees from 2810 billion rupees to 2691 billion rupees for the current fiscal year.
He said increase in GST on petroleum products and changes in other taxes is imperative to meet various needs including release of funds to the provinces from devisable pool. He said we cannot ignore expenditures in the wake of Zarb-e-Azb operation, debt servicing and payment of salaries.
He said as was the practice in the past, the Constitution empowers the executive to enhance different taxes including GST and regulatory duties etc. He said sovereignty of the Parliament has not been undermined.
He said the government has provided relief to the people on petroleum products by 37.68 percent since August 31 last year. He said petrol is available in the country at lowest price in South Asia.
He said there will be no NTN number for tax filers from 1st of July this year and instead CNIC number will used. NTN will necessary only for companies and associations.
Syed Naveed Qamar alleged that the government has no respect for the sovereignty of the Parliament as it is imposing taxes without taking the Parliament into confidence.
He urged the government to ensure trickle-down effect of reduction in oil prices to the people. He rejected all the increases in taxes by the government and demanded their immediate withdrawal.
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